Mexico Recovery Grant: Are you a New Mexico small business or nonprofit organization that has experienced financial hardship due to the pandemic? This article is for you as you will soon see how you can apply for Mexico Small Business Grant.
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The State of New Mexico is awarding grant funding that will help cover your business’ rent, lease, or mortgage payments to help you rehire the workforce you need.
The grants were created by the State of New Mexico to provide $200 million in grant funding to New Mexico small businesses that are experiencing financial hardship due to the pandemic.
These grants are specifically tied to job creation, must be used as reimbursements of rent, lease or mortgage payments, and are prioritized based on the severity of economic decline experienced by the business.
How does the Mexico Recovery Grant work?
The last application round will be open until December 7, 2021. Grant applications will be reviewed and prioritized after December 7, and grant awards will be made following the prioritization.
Grants will be paid on a quarterly basis, with no more than 25% of the total grant award being paid during any quarter. Businesses must meet their job creation projections before receiving future, quarterly grant payments after the first payment.
How much am I eligible to receive the Mexico Recovery Grant?
The grant amount is based on a combination of the revenue decline experienced by the business, the number of new full-time-equivalent (FTE) positions hired, and the hourly wages of the new positions.
What can I use the Mexico Recovery Grant funding for?
Eligible expenses are reimbursement of rent, mortgage, or lease payments on the building occupied by the business. These are the only eligible expenses for this grant. The grant amount paid will not exceed the amount of rent, lease, or mortgage payments during the grant period.
Requirements to Apply for Mexico Small Business Grant 2021
- 2019 or 2020 business federal tax return.
- Evidence of revenue decline
- Copy of the rental, lease, or mortgage agreement term sheet that evidences past, current, and future payments due
- Proof of rent, lease, or mortgage payment for the entity’s place of business in New Mexico.
- Front and back of a government-issued photo ID with the address of the authorized officer
- Copy of the DWS ES903A report (or other New Mexico SUTA form filed with the Department of Workforce Solutions) from December 31, 2020 or March 31, 2021 to evidence the lowest number of employees, plus
- Copy of the DWS ES903A report (or other New Mexico SUTA form filed with the Department of Workforce Solutions) from any time period between January 2019 and September 2020 to evidence the highest number of employees, plus.
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For more information regarding Mexico Recovery grant 2021, kindly visit the official website via http://www.nmfinance.com/recovery/ to apply