HB11 provides $200 million in grants for NM Small Businesses

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Another opportunity for local businesses to apply for economic relief has now been made possible, following the passage of House Bill 11. The bill provides $200 million in grants to support New Mexico businesses. The applications and payments to businesses through the program will be managed by the New Mexico Finance Authority at nmfinance.com. A formal announcement will be made when the application portal is open for HB 11 grants. As always, our primary interest is making sure our local businesses are aware of these opportunities and given a fair chance to respond. They don’t solve the problems, but they do help. 

There has also been an update provided on how PPP funds received are processed for tax purposes.  We have been informed that PPP funding does not count as gross income and businesses are allowed to write off business expenses that were paid through PPP funding. For more information, please visit 

https://www.cnbc.com/2021/02/22/the-smallest-businesses-are-getting-extra-ppp-attention-what-to-know.html

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