NM tries to lessen impact of coronavirus outbreak on small businesses, employees | KOB 4

NM tries to lessen impact of coronavirus outbreak on small businesses, employees

Chris Ramirez
Created: March 13, 2020 05:11 PM

ALBUQUERQUE, N.M.- Many business owners in New Mexico are worried about how they will survive as people are told to utilize social distancing.

The state is trying to put together an economic package for businesses in New Mexico that will be affected by COVID-19.

One idea in the works: The COVID-19 Business Loan Guarantee Program.

The state Economic Development Department is offering emergency loans or lines of credit to business owners who are dealing with a loss of business because of the pandemic.

Businesses can use the loans or credit lines to make payroll, replenish inventory or anything else to keep their business from closing down, and employees being laid off.

“I have requested that the Economic Development Department use every tool in their toolbox to address this,” Gov. Michelle Lujan Grisham said. “Our job is to keep our business's doors open.”

Starting Monday, people whose wages have been cut due to coronavirus-related circumstances, can file a claim with the state.

Those people could be eligible for unemployment compensation-- even though they are still working reduced hours.


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