Gov. Michelle Lujan Grisham on Friday signed House Bill 11 into law, delivering $200 million in grants to support New Mexico businesses to ease the hiring or rehiring of employees.
Each business may qualify for up to $100,000 to be distributed in four quarterly payments.
Among the guidelines:
- Businesses must be operating in New Mexico with fewer than 75 employees per location;
- Businesses must demonstrate a loss of revenue for at least one quarter between 2019 and 2020;
- Funding must be used for reimbursement of rent, mortgage or lease obligations;
- The grant must be accompanied by job creation for each quarter prior to one of the quarterly payments; and
- The grants will be paid out in quarterly installments.
There will be two primary application periods – the first before June 30, 2021 and the second by December 31, 2021; a later application deadline will be set up for any businesses that are not yet eligible to open and apply by these deadlines, and funding will be set aside for these businesses.