Small Businesses

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Information for Small Businesses and Nonprofits

Economic Injury Disaster Loan and Grant

  • These loans for up to $2 million come with an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL).
  • To access the advance, you first apply for an EIDL and then request the advance. The advance, which is considered a grant, does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.
  • Learn more about this program on the Small Business Administration's Disaster Assistance website.

Small Business Debt Relief Program

  • This program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and micro-loans.
  • SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months.
  • This relief will also be available to new borrowers who take out loans within six months of the signing of the CARES Act.
  • Learn more about this program on its website.

Paycheck Protection Program

NM EDD Loan Guarantee

  • NMEDD can guarantee a portion of a loan or line of credit up to 80% of principal or $50,000.
  • Loan proceeds are flexible and can be used for (and not limited to) the following: working capital, inventory and payroll.
  • Learn more about this program on the NMEDD COVID-19 Response wesbite.
  • You can find banks offering this program through the list maintained by the NMEDD.

Paid Sick Leave

  • The Families First Coronavirus Response Act provides a 100% refundable tax credit for small and medium size businesses with under 500 employees to provide paid sick leave to employees affected by COVID-19. 
  • This provision is targeted to specific employees who are unable to work (or telework) and who meet any one of the following six conditions:
    1. They are subject to a Federal, State, or local quarantine or isolation order (“isolation order”) related to COVID-19;
    2. They have been advised by a health care provider to self-quarantine due to concerns related to COVID-19 (“quarantined employee”); 
    3. They are experiencing symptoms of COVID-19 and seeking a medical diagnosis;
    4. They are caring for an individual who is subject to an isolation order or is a quarantined employee;  
    5. They are caring for a son or daughter if the school or place of care of the son or daughter has been closed, or the child care provider of such son or daughter is unavailable, due to COVID-19 precautions; or
    6. They are experiencing any other substantially similar condition as specified by the Secretary of Health and Human Services. 

Tax Filing Extension

Counseling

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Agricultural and Rural Resources

**Borrowers are not permitted to utilize SBA and USDA financial assistance for the same COVID-19 purposes. 

Business And Industry (B&I) CARES Act Program

  • USDA has authorized $1 billion in loan guarantees for the B&I CARES Act Program. This program offers loan guarantees to rural businesses and agricultural producers that are not eligible for USDA Farm Service Agency loans. Loans can be utilized for emergency rural business costs. Visit the program's website for more information.

Coronavirus Food Assistance Program (CFAP)

  • USDA has announced a new program, which will assist farmers, ranchers, and consumers in various ways in response to COVID-19. The $19 billion program is to provide critical support to agricultural businesses in order to maintain the integrity of the food supply chain. $16 billion will be used for direct support to farmers and ranchers. Further information about allocation is forthcoming. For more information, visit the program's website. Applicants will need to schedule an appointment with their local USDA Service Center CFAP can be utilized with other SBA programs such as EIDL and PPP.

Economic Injury Disaster Loan Emergency Advance

  • Agricultural enterprises under 500 employees are now an eligible recipient for grants up to $10,000 and low-interest loans of up to $2 million under the EIDL Program. For more information on EIDL, visit the Small Business Administration's webiste. EIDL received an additional $60 billion in the Paycheck Protection Program and Health Care Enhancement Act.

Farm Credit Administration

  • The CARES Act gives the Farm Credit Administration authority to establish criteria for insured depository institutions, insured credit unions, institutions of the Farm Credit System, and other lenders that do not already participate in lending programs of the Administration, to participate in the Paycheck Protection Program (PPP) to provide loans until the National Emergency expires. Learn more through the PPP Fact Sheet. For more information about the Farm Credit Administration, visit their website.


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