Purpose

Santa Fe County, The City of Santa Fe, and Town of Edgewood providing CARES ACT emergency financial support through the Small Business and Non-profit Stabilization Grant program for qualifying businesses and non-profits to assist with costs associated with business interruption caused by COVID-19 and the resulting public health orders.

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This program is offering one-time grants up to $15,000 to qualifying small businesses and non-profits to cover a variety of reimbursable costs that have been brought about due to COVID-19. Funding is limited and offered on a first come, first serve basis. 

 

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Qualified Expenses

• Business Continuity: this includes non-owner payroll, rent, scheduled mortgage payments, insurance, utilities, or marketing.

• Business Redesign: this includes, but is not limited to, spending on reconfiguring physical space and/or PPE for adherence to COVID-Safe Practices, such as installing plexiglass barriers, purchasing, technology to facilitate work-at-home, PPE for employees, or temporary structures to mitigate the spread of COVID-19.

 

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Eligibility

• Small Businesses and nonprofits that are eligible for the Small Business and Nonprofit Stabilization Grant Funding must:

• Possess a current Santa Fe County, and/or City of Santa Fe, and/or Town of Edgewood Business License   (Businesses or Nonprofits in the City of Española must apply to the City of Española for Grant Funding);

• Have a principal business address that is registered and located within Santa Fe County;

• Employ a minimum of 1 employee and cannot exceed 50 employees (sole proprietorships qualify);

• Demonstrate a reduction of at least 25% in revenues due to COVID-19;

• Have incured, or will incur, documented expenses for grant between March 1 and December 30, 2020;

• Have been in business since, or prior to, March 1, 2019;

• Revenues of business or non-profit must not exceed $2,000,000 prior to impact of COVID-19;

• If nonprofit, received its 501(C)(3) designation prior to March 1, 2019 and have audited financials and be determined to be in good financial standing;

• If non-profit, the organization must have no part of its net earnings going to benefit any member, founder, contributor or individual;

• Be current on all New Mexico State Taxes;

• Agree to provide a report about the use and results of the grant funds sixty (60) days after receipt of award letter.

• Agree to explore and review business counseling for financial and business continuity planning with entrepreneurial support organizations (ESOs).

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Additional Information on Required Documents

• If applicable, a copy of a Certificate of Good Standing for State of New Mexico (found here);

• A copy of Santa Fe City, County or Town of Edgewood business license;

• Unaudited (or audited) financial statements for the purpose of demonstrating revenue decrease due to COVID-19:

  • 2019 and 2020 Q1 and Q2 Profit and Loss, as available cash flow statements, and balance sheet; 

  • And, ES903A Form (this is the reporting form for workforce solutions) or completed payroll spreadsheet showing number of employees, hourly wage, and employment status (full or part time) for previous three (3) quarters);

  • And, copies of most recent Federal and State Tax Returns (preferably FY 2018 & 2019) or equivalent (Schedule C is equivalent for Sole Proprietors)(Form 990 for non-profits);

• If a non-profit, a 501(c)(3) designation form, most recent audited financial statements, current list of board members; current and previous year organizational budget including all sources and uses of funds. 

• Gather receipts and complete the spreadsheet for the requested eligible business continuity (including payroll) and redesign expenses you wish to receive funding for (up to $15,000). (Spreadsheet found here).

Contact 

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Keith Flynn, Loan Officer

North Central New Mexico Economic Development District

3900 Paseo del Sol

Santa Fe, NM  87507
505-356-9600
keithf@ncnmedd.com

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