​In an effort to better assist small business owners apply for SBA funding the SBDC is offering webinars on the Paycheck Protection Program, Economic Injury Disaster Loan, NM COVID 19 Business Finance Resources, Disaster Recovery, and Cash Flow Analysis. Visit http://www.nmsbdc.org/workshop-and-events.aspx for more information. 

 

The CARE act was passed, providing more assistance for small business owners. There are two types of funding available.

 

• Economic Injury Disaster Loan ($10,000 advance)

• Payroll Protection Program

 

EIDL loans are administered directly through the SBA and more information and the application can be found at www.sba.gov/disaster.

 

The PPP loans are administered through banks and lenders and more information can be found at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp.

 

A list of New Mexico lenders can be found on pages 30-34 of the SBA Resource Guide, found at https://www.sba.gov/offices/district/nm/albuquerque, toward the bottom of the page.​

 

The NM Economic Development Department (NM EDD) is offering 80% loan guarantees on up to $50,000 borrowed. These loans are administered through participating lenders found at https://gonm.biz/about-us/covid-19-response.

 

For all these resources, webinars, documents, and more, visit https://americassbdc.org/coronavirus-information/ . In the “Materials for Small Business” section, there are numerous guides, publications, slides, and worksheets that will guide you through COVID 19 resources. Many SBDCs are offering daily, NO COST webinars on disaster planning, applying for funding, and keeping your business afloat. You can always visit the NMSBDC website at www.NMSBDC.org .

 

You, your contractors, or employees may qualify for unemployment insurance! Please visit https://www.dws.state.nm.us/COVID-19-Info for more information, like how to apply. 

 

Finally, Rhonda Abrams has a small business blog where she posts articles that help you better understand the resources available for small businesses. Her blog can be found by visiting https://planningshop.com/blog/.

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The IRS has a very helpful page about Coronavirus Tax Relief for Businesses and Tax-Exempt Entities, so visit  https://www.irs.gov/coronavirus/coronavirus-tax-relief-for-businesses-and-tax-exempt-entities to access this great resource.

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Don’t forget to like SBDC's Facebook page at www.FB.com/SBDCLosLunas. They post helpful articles daily.

 

Best wishes for future success!