Two State Programs to Know About
COVID-19 Business Loan Guarantee Program and
LEDA Zero-Percent Interest Loans
The New Mexico Economic Development Department launched the following programs to help eligible companies in New Mexico that are struggling to deal with negative impacts from COVID-19:
- COVID-19 Business Loan Assistance Program. NMEDD can guarantee a portion of a loan or line of credit up to 80% of principal or $50,000. Loan proceeds are flexible and can be used for things such as working capital, inventory and payroll.
- LEDA Zero-Percent Interest Loans. The company must be a qualifying entity (a manufacturer or non-retail service business with more than 50% of revenue coming from outside the state). This program is limited to land, building and infrastructure.
For more information about NMEDD, visit the website .
Guide for Businesses
City of Albuquerque Offers Tips, Resources
The City of Albuquerque's Economic Development Department has created a guide to help businesses in Albuquerque navigate changes and challenges related to COVID-19. The guide offers tips about financial assistance, payment relief, unemployment information, marketing and communications, support for artists and more.
Read the guide.
Coronavirus Tax Relief
IRS Defers Tax Payments Until July 15
The Internal Revenue Service announced today that it has issued guidance allowing all individuals and non-corporate tax filers to defer up to $1 million of federal income tax payments (due April 15, 2020) until July 15, 2020, without penalties or interest. In addition, the IRS has established a special section and offers several online resources to help taxpayers.
Click here to access the website
New Coronavirus Relief Laws Require Paid Employee Leave
In response to the coronavirus (COVID-19) pandemic, Congress enacted a bill providing various forms of relief, including two separate laws mandating that employers give employees paid leave for specified purposes related to COVID-19. The legislation was signed into law by President Trump on March 18, 2020. The two leave laws are the “Emergency Family and Medical Leave Expansion Act,” and the “Emergency Paid Sick Leave Act.” The leave mandates take effect no later than 15 days after passage (April 2, 2020) and sunset on Dec. 31, 2020. Below is an HR Compliance Bulletin with details of the bill. Employers should familiarize themselves with the new leave requirements to ensure compliance. We will continue to send updates as they become available.
Businesses with employees who may need to apply for unemployment should look at:
This 4 min video explaining the process.
Here is a 1-page fact sheet with all of the details people will need.
It is strongly encouraged to apply online.
Industry In Action: COVID-19 Resources
Industry is contributing to the COVID-19 effort in a BIG way. Below is a list of what some of our members are doing.
PNM is temporarily suspending disconnections for non-payment due to Covid-19.
Comcast is offering free WiFi hotspots, unlimited data, and is waiving late fees during Covid-19.
AT&T is suspending broadband data caps and overage fees for home internet customers. Learn more
The Boeing Company donated respiratory masks and other medical supplies (such as gowns, gloves and full-face respirators) to nonprofit and government partners in Wuhan and Zhoushan.
Blue Cross Blue Shield won’t require prior authorization and won’t apply member co-pays or deductibles for testing to diagnose COVID-19 when medically necessary and consistent with Centers for Disease Control guidance. This applies to all members they insure.
The Wells Fargo Foundation announced up to $6.25 million in donations to support domestic and global response to the coronavirus (COVID-19) and to aid public health relief efforts. The philanthropic funding includes $1 million for the National Centers for Disease Control and Prevention’s Emergency Relief Fund and $250,000 to the International Medical Corps for their work in more than 30 countries. The company will also donate up to $5 million at the local level to help address community-specific needs in the coming months. Learn more
GlaxoSmithKline is supplying their vaccine adjuvant technology to scientists and organisations working on candidate vaccines.
Western Sky Community Care is providing its call service center phones and staff to help the Department of Health and answer questions and deliver information on over 2,500 phone calls. Western Sky is following government directives to waive prior authorizations and cost-sharing for COVID-19 testing and services. They are successfully leveraging telehealth, website, and social media to communicate and deliver medical, behavioral, and social services to its members and community at large. Finally, they are actively working on service solutions to meet the food needs of children and tribes of New Mexico.
New Mexico Gas Company is temporarily discontinuing disconnects, waiving late fees related to bill payments, automatically renewing medical certificates set to expire during this time, and authorizing Customer Service Representatives to waive reconnection fees.