Information for Businesses Suffering Losses because of the Spread of coronavirus and COVID-19 in the US
Below are two resources for businesses affected by the coronavirus epidemic.
1. The U.S. Small Business Administration provides low-interest, long-term disaster loans to businesses of all sizes as an affordable way to recover from declared disasters. For more information and to apply, visit https://disasterloan.sba.gov/ela OR call 1-800-659-2955 (1-800-877-8339 TTY: Deaf & hard-of-hearing)
SBA Three Step Process
2. The New Mexico Economic Development Department has created a program to assist businesses seeking emergency loans or lines of credit to deal with negative economic impacts from COVID-19. 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. For additional information and to apply, visit https://gonm.biz/about-us/covid-19-response/