Updated: November 25, 2020 08:38 PM
Created: November 25, 2020 08:36 PM
ALBUQUERQUE, N.M. — New Mexico lawmakers just passed a massive $330 million coronavirus relief package using federal dollars from the CARES Act Tuesday.
“I know this stimulus will mean so much to so many New Mexicans as we enter the holiday season,” said Gov. Michelle Lujan Grisham.
The package will give $100 million in grants to small businesses and a one-time $1,200 stipend to New Mexicans on unemployment.
“Right now, New Meixcans and hardworking families are just suffering and it’s been a tough road,” said Majority Whip Rep. Doreen Gallegos (D-District 52).
“If we’re going to close down, we’re going to provide some kind of assistance,” she added.
State officials said the money should reach families and businesses by mid-December.
The Department of Workforce Solutions will handle the unemployment benefits which will go to recipients preferred method of payment which includes direct deposit or a state-issued debit card.
A spokesperson with the department said the money will automatically distributed.
In the meantime, businesses looking to get a grant from the state will have to go through the New Mexico Finance Authority to get approval.
NMFA Chief Executive Officer Marquita Russel said she wants to make the application process easy for local companies.
“Businesses have been going through a lot of pain and we don’t want to add to that stress,” she said.
According to Russel, business have to have at least 51 percent New Mexico ownership and less than 100 employees to be eligible.
The state said they’ll have a couple rounds of applications so businesses don’t have to rush to get their paperwork together.
“That way we know folks can get their act together and not be rushed,” said Russel.
“We know that caused a lot of barriers for small businesses for the PPP program,” she added.
Russel said the money will be distributed in batches after the first round of applications get approved in mid-December.
Businesses interested in getting more information should email email@example.com.
“And that’ll give them an opportunity to get on the mailing list so they’re certain to be included in any information we have,” said Russel.
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