(Albuquerque)-New Mexico small businesses in financial distress due to the coronavirus crisis are encouraged to apply as soon as possible for loans made available under the Federal Stimulus Bill. The “Cares Act,” as it’s called, allocates 349-billion dollars for loans to small businesses. In a news release on Saturday, New Mexico Governor Michelle Lujan Grisham said businesses have until only June 30th to access the money, and loans will be made on a first-come, first-served basis.
The State Economic Development Secretary, Alicia Keyes, said Saturday the money will go quickly and that “many businesses struggling through this crisis need a financial bridge to help them survive and recover once this crisis eases.”
There are two loan programs for small businesses under the stimulus bill. The Economic Injury Disaster Loan Program and the Paycheck Protection Program. Small businesses can apply for the loans online through the U-S Small Business Administration at: disasterLoan.sba.gov/ela.
Businesses can also apply through the SBA’s 19 small business development centers in New Mexico. That website is: nmsbdc.org.
