New Mexico Business Owners Helping Business Owners
If you’re overwhelmed with searching for resources to help your business at this time, here’s a community curated resource to help you focus on your organization. It’s laid out in a way that simplifies the processes as best as possible.
We’re in this Together.
Community Curated Resources for Business Owners
DISCLAIMER: Below are some resources compiled for the COVID-19 economic injury. Please know all information was summarized by several community sources. We encourage you to go directly to the agency for the most accurate information.
The SBA has updated their application. The new streamlined SBA EIDL application is asking for bank routing numbers so they can process the 10k advance. Note: No financial statements are required. We recommend that the small business who applied a week ago, go to...
From the SBA: With $349 Billion in Emergency Small Business Capital Cleared, SBA and Treasury Begin Unprecedented Public-Private Mobilization Effort to Distribute Funds WASHINGTON – Following President Trump’s signing of the historic Coronavirus Aid, Relief, and...
If some if you had the pleasure of working with ABQ Economic Development Director Synthia Jaramillo, you'll know how much she's got the grit to fight for small businesses. Take a look at her interview with New Mexico In Focus....
Help Us Curate What Business Owners Need to Know
Do you have a community resource or piece of information you’re looking for? Please send us a note, as we will carefully curate information for business owners to use.
COVID - tax & HR Info
With the quickly changing environment with tax relief, paid sick leave and payroll adjustments from the government, here’s some resources and updates to read up on.
NM - Tax & Rev: Income Tax Extensions
Phew! From New Mexico Taxation and Revenue –
Personal Income Tax – New Mexicans now have an extra 90 days to file and pay their 2019 personal income taxes in recognition of the economic hardships many are facing as a result of the COVID-19 pandemic. Taxpayers will have until July 15 to file and pay any taxes due.
Corporate Income Tax – The deadline for 2019 corporate income taxes also will be extended until July 15. In addition, the state is extending deadlines for employers to remit withholding taxes.
NM - Unemployment: The Employee Unemployment Guide
Fed: Emergency Paid Sick Leave
Sick Leave: full-time employees are entitled to two weeks (80 hours) of fully paid time off (up to $511 per day) to self-quarantine, seek a diagnosis or preventive care, or receive treatment for COVID-19
Family Leave: Eligible full-time employees and part-time employees are entitled to 12 weeks of job-protected leave to take care for their children in the event of a school closure or their child care provider is unavailable due to COVID-19.
- Employees at companies with fewer than 500 employees
- State and local government employees and certain federal government employees
- Employees who work under a multiemployer collective agreement and whose employers pay into a multiemployer plan
FED - Dept. of Labor: Employee Rights Poster
A poster created by the Department of Labor to explain the paid sick leave issue to your employees.
Fed - IRS: Compliance changes / Tax Relief
Tax Relief: Central location for any questions related to the IRS and their changes with the COVID-19 relief bill.
Compliance Changes: IRS has made some temporary changes on the following:
- Installment Agreements
- Offers in Compliance
- Liens and Levys
- … and more
Confused about where to go about lending options? We’ve compiled some of the resources that you can reach out to on your own.
UPDATED: The SBA Disaster Loan Application
AKA: SBA’s Economic Injury Disaster Loans
The application became incredibly easy. Click here to apply – https://covid19relief.sba.gov/
NM Economic Development Loan Guarantee
“The New Mexico Economic Development Department (NMEDD) has created a program to assist businesses seeking emergency loans or lines of credit to deal with negative economic impacts from COVID-19.” – NMEDD
Find a Lender for PPP
Many banks in the area are NOT SBA approved lenders. SBA has a location-specific list to help businesses: Click Here
covid-19 - Economic Development
Find all links related to the COVID-19 economic development help, updates through the State of New Mexico’s various departments. Information from the Feds here too.
Summary of Coronavirus Aid, Relief and Economic Security (CARES) Act
The American Society of Association Executives put this one-sheeter together to explain the massive bill that’s relevant to us. Download the PDF here.
NM's Economic Rapid Response Taskforce
This collaborative is between the Economic Development, Workforce Solutions and Tourism departments, working directly with the Office of the Governor.
They’re offerring help with economic recovery. Here’s the questionnaire you can fill out if you don’t know which department to go to.
(Editor’s note: Don’t know what will happen after you send this questionnaire in.)
NM - Must Watch Webinars
NM - LEDA Funding
- Limited to expenditures for land, building and infrastructure
- Can be used for lease abatement or mortgage assistance
- Company must be a qualified entity (manufacturer, non-retail service business with more than 50% of revenue generated out of state, or a retail business in a community of less than 15,000 in population)
- All loans will be required to provide security equal to the amount of the loan
Contact: Mark Roper, Mark.Roper@state.nm.us or 575.562.0327