March 30, 2020

Udall, Heinrich Release Guide for Small Business Owners and Non-Profit Leaders to the CARES Act

Coronavirus Relief Bill Provides $377 Billion in Small Business Aid, Up to $10 Million Each for Businesses and Non-profits Up to 500 Employees

Find the guide HERE.

WASHINGTON – Today, U.S. Senator Tom Udall (D-N.M.) and Martin Heinrich (D-N.M.) released a guide to help small business owners and non-profit leaders access new funding included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that passed the Senate, House and was signed into law by the President last week. The CARES Act contains major provisions to provide relief to small businesses and non-profits hurt by the coronavirus pandemic and its required public health responses including $377 billion in small business aid.  

The guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address the needs of business and non-profit leaders, as well as some additional tax provisions that are outside the scope of SBA.  

“Small businesses are the engines of New Mexico’s economy, but they are facing unprecedented challenges during the coronavirus pandemic. Last week, we fought hard to pass $377 billion in emergency funding to provide immediate relief to small businesses across the country. Now, I am focused on ensuring these resources get into the hands of small businesses and nonprofits in New Mexico so that they can continue to make payroll and cover their bills,” said Udall. “Our 150,000 small businesses in New Mexico are truly the heart of our economy –anchoring local communities, employing over 340,000 workers who work hard to support themselves and their families. They are understandably worried not just about the health and safety of their employees but also their ability to keep their doors open and lights on. I encourage New Mexico small businesses to take advantage of this emergency federal relief. I promise to do everything in my power to help our small business owners and non-profit leaders, their employees, and all New Mexicans during this trying time.” 

“I am committed to supporting New Mexico’s small business owners throughout this crisis and working with them to rebuild thriving local economies across our state when this is over,” Heinrich said. “The economic relief measures we passed last week funds grants and loans from the Small Business Administration to provide essential support for New Mexico small businesses and nonprofits to keep their employees on payroll and meet their expenses. I encourage business owners to learn more about these sources of support and to contact my office if I can help you navigate the process to apply.”

To keep up to date on when these programs become available, please stay in contact with your local Small Business Administration (SBA) District Office, which you can locate here. 

The full guide can be found HERE.

A breakdown of the small business provisions included in the Coronavirus Aid, Relief, and Economic Security Act can be found HERE.