More than $2 million in CARES Act 2 grants will soon be made available to Carlsbad and Eddy County small businesses looking for relief from costs incurred due to the COVID-19 public health emergency. We know many of our local businesses have been asking about this grant, and we’ve had to follow the process in order to make the funding available. The City of Carlsbad has elected to administer these Small Business Continuity Grant funds through a partnership with the Carlsbad Department of Development.
The City of Carlsbad has been awarded $1,151,798 for the Small Business Continuity Grant Program, while Eddy County has been awarded $931,875. This federal funding was awarded through an application process administered by the New Mexico Department of Finance and Administration. Cities and counties were required to apply in order for the small business funds to be made available.
A qualifying small business is identified as one with 50 or fewer employees. Additionally, the business must be headquartered in NM, have annual revenues of $2 million or less, a business start date no later than March 1, 2019 and was either forced to close or had severely curtailed business operations as a result of closure orders due to COVID-19. Allowable expenses for reimbursement under the Small Business Continuity Grant program include employee payroll, rent, mortgage payments, insurance, utilities, marketing, PPE for employees, and funding for business redesign.
An application, as well as well as information on how to obtain assistance with the application process, will soon be published on the Carlsbad Department of Development’s website at https://www.developcarlsbad.org/. The CDOD is working on this process and plans to have it online later this week. You can also call the Department of Development directly at (575) 887-6562.
The CDOD is also administering a $550,000 Revolving Loan Fund to provide loans to coronavirus-impacted small businesses in Eddy County. A review board has been set up to ensure that all applications are being handled fairly.
Small businesses took the heaviest hit during this public health emergency. This funding doesn’t solve the problem, but it should provide some critical assistance with keeping our small businesses afloat. We encourage our small businesses in Carlsbad to apply for these grants. Additionally, please don’t be afraid to ask for some assistance with the application processes. They are there to help you.
From the office of Mayor Dale Janway