The Associated Press
Created: March 24, 2020 12:57 PM
SANTA FE, N.M. (AP) — New Mexico's State Investment Council has approved the creation of a $100 million business recovery fund to help medium-sized companies meet payroll obligations and avoid layoffs amid economic turmoil of the coronavirus pandemic.
The council overseen by New Mexico Gov. Michelle Lujan Grisham controls a $23 billion portfolio of investments that support public education.
On Tuesday, it voted unanimously to channel assets from the state's Severance Tax Permanent Fund to provide emergency recovery loans.
Some council members object to offering emergency loans to employers who are headquartered outside the state.
The new program is designed to complement other state and federal economic rescue efforts.
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