COVID-19 Small Business, Non-Profit and Worker Resources
We’ve seen an incredible outpouring of support from our local and national government in response to the COVID-19 pandemic. Below is an ever growing list of resources for small business’, non-profits, and workers.
I highly recommend you take advantage of these resources now. Don’t wait until you ‘need’ the funding, as the funding as it is limited.
HUGE thank you to Vince Kadlubek for putting this list of resources together! Here’s a link to slides with all of this information.
Guidance & Understanding
Small Business Administration
- Loans are up to $2M.
- For Businesses & Nonprofits.
- Low-interest, 30-year loans.
- There are rapid $25,000 loans as well as $10,000 forgivable loans available.
- If you are applying for less than $200,000 then you do not need a personal guarantee, SBA is waiving that requirement. They are also waiving many other requirements, this money is easier than ever to access.
Streamlined EIDL application: https://covid19relief.sba.gov/#/
New Mexico-Based Loans up to $50,000
If you are a NM Business looking for immediate help, the State of NM is backing up to $50,000 for loans. You can go to your bank and initiate a small business loan process, and the state of NM will guarantee 80% of that loan.
Paycheck Protection Program – CARES Act
- This is the newest loan program that was just approved on Friday, available for Businesses and Non-Profits with under 500 employees.
- You can borrow up to 2.5x your monthly payroll
- Low-interest loans that are 100% fully-forgivable if you retain 90% of your employees.
- Because this is so new, expect anywhere from 1-4 weeks delay on implementation.
CARES Act Tax Breaks for Businesses
All Together Fund
Critical Service Non-Profits in NM: www.alltogethernm.org
This is a collaborative fund in NM with many of our biggest foundations to support non-profits who are dealing with critical needs — Food Security, Housing Security, Income Security for the most vulnerable.
NEA Funds for Art Nonprofits
As part of CARES Act, $75M is provided for Arts Institutions and Arts Agencies.
- CARES Act has expanded unemployment benefits. Unemployed will now receive an additional $600/wk of benefits, which pushes the maximum amount for NM Workers to $1033/wk until July 31st.
- Self-Employed and Independent Contractors are also now eligible
- Work Search requirements have been waived
- Recent Work requirements waived
- Unemployment Benefits is the most reliable and most robust program available for employers and workers at this time
Deferment of Loans, Bills
- Student Loans can be deferred for 2 months
- Most lenders are allowing for deferment of mortgage payments, you have to call and request it (please pass savings on to your renters)
- Same is true with most car loans
Housing Support in NM
There’s a handful of housing-related provisions in the CARE Act. The above link from Santa Fe Housing Action explains what is available.
Other Grant Opportunities
- Every day there are more funding grants opening up. For instance, Netflix announced a $100M fund for film workers.
- Santa Fe Culture Connects has a fund for Santa Fe-based artists.
- There are so many small and industry-specific funds out there, do google searches and stay diligent.