New round of PPP funds open for applications

Dear Friend,

I don't need to tell you the incredible challenges we face as a country and a state. You can see it - in the closed businesses, the lines at food pantries, and in the families that will now forever be without their loved ones. I have fought to support New Mexico's small business owners and nonprofits throughout this crisis.

That includes fighting for the funding and important reforms in the Paycheck Protection Program that has served as a critical lifeline for so many business owners. I insisted that the forms be simplified, which they eventually were - from more than 11 pages of complicated forms to just 2 or 3 pages. I've fought to make sure PPP funds were distributed fairly, including to Tribally-owned businesses. Finally, I've explained why the forgiveness program had to be simplified, and now it has been. 

The next round of new PPP funds that Congress passed as part of the latest relief package in December just opened up for applications.

>>>You can find more information about how to apply for the Paycheck Protection Program here.

This latest round will be much easier for small businesses to access, with some necessary flexibility to allow businesses to address their specific needs and still get their loans forgiven. That includes new provisions that allow restaurants, hotels, and other businesses in related services to calculate a higher PPP forgivable loan amount in order to aid industries that have been severely impacted by state and local restrictions. Also eligible for this round of PPP are housing cooperatives, local newspapers and TV and radio broadcasters, and 501(c)(6) nonprofits, including local chambers of commerce and tourism organizations.

As part of the most recent relief legislation, I also fought to pass $15 billion in new grants specifically targeted for independent arts and performance venues that have been forced to close their doors during the pandemic. Applications just opened for the Shuttered Venue Operators Grant, and I encourage all independent arts and music venues in New Mexico to apply for this emergency assistance.

I strongly encourage any small business owners in New Mexico who may need assistance in navigating the process for PPP or any other relief programs to please contact my office. We are here to help. You can find additional information about support for small businesses during this pandemic from the New Mexico SBDC here. I want you to know that I will keep doing everything I can to resuscitate our economy and to rebuild thriving communities across New Mexico.

Sincerely,

MARTIN HEINRICH

United States Senator