The place to start and grow your business

COVID-19 Information and Resources for Small Businesses

In an abundance of caution, WESST has decided to suspend in-office meetings and trainings through the end of December. Business will continue as usual just over the telephone, video conference and email. You will continue to have our wonderful team of consultants at your service throughout this time. All of our contact information will remain the same.  If you would like to meet with a business consultant, please click on the Business Consulting button below.  For a list of our online scheduled training, please click on the Business Training button below.  To support our clients, WESST will be suspending client consulting and training fees to through the end of December.

 

 

Financial Assistance

WESST team of consultants, located across New Mexico, can help you navigate the disaster loan program offerings, application process, and compliance requirements after you obtain funding.  If you need immediate assistance you can contact our office by clicking on the Business Consulting button above or by completing the WESST Small Business Loan Inquiry.

 

 


At WESST, we are dedicated to supporting small businesses across New Mexico. As our community responds to the global COVID-19 public health emergency, we aim to share as many resources and tools as possible for New Mexico businesses to respond to developments.

This page will be updated frequently as new resources come to our attention.


Additional Financial Assistance and Grants

  • NEW!  New Outdoor Recreation Business Directory – The goal of the free resource is to market the state’s robust outdoor recreation economy, assist businesses, and connect people and customers with the resources they need to be successful and get outside.
  • NEW!  SBA Extends Deferment Period for COVID-19 Disaster Loans – All SBA disaster loans, including COVID-19 EIDL, will have a first payment due date extension:  loans made in 2020 will have a first payment due date extended from 12-24 months from the date of the note.   Loans made in 2021 will have a first payment due date extended from 12-18 months from the date of the note.

  • NEW!  Business and Industry (B&I) CARES Act Program  – USDA Rural Development offers loan guarantees to help rural businesses meet their working capital needs during the coronavirus pandemic. Deadline: September 15 or until funds are expended.

  • NEW!  Restaurant Revitalization Fund – a one-stop hub for restaurants, employees, customers, and industry partners. During the COVID-19 crisis and beyond, this site will become a go-to resource for the entire industry, providing a comprehensive look at information and resources at the federal, state, and local levels.  The Restaurant Revitalization Fund content on sba.gov can be accessed via https://link.edgepilot.com/s/432494e9/fQffPqvuCkCoxzkqB6POPw?u=http://www.sba.gov/restaurants or https://link.edgepilot.com/s/a6099ac8/sVTr1220YEmGP764B4iOEA?u=http://www.sba.gov/restaurantes for Spanish. 
  • Comcast RISE – Comcast RISE helps strengthen and empower Black, Indigenous, and People of Color owned small businesses that have been hit hard by COVID-19.

  • PPP Resumed on Jan 111st and 2nd draw PPP loans resumed on Jan 11 with some updated rules. For application assistance, go to the NM Small Business Development Center website. 

  • EIDL Deadline – The U.S. Small Business Administration announced that the deadline to apply for the Economic Injury Disaster Loan (EIDL) program for the COVID-19 Pandemic disaster declaration is extended to Dec. 31, 2021.
  • SBA COVID-19 Funding Options Portal – A free, curated list of thousands of funding sources at the national, state, regional, and local levels designed to support small businesses in accessing capital to recover from COVID-19.  The opening page captures programs that are available nationally.  Visitors then only need to enter a ZIP code of interest to see which programs their area may be eligible.  The information is current as of the date of publication, so resource availability may change over time.
  • Shuttered Venue Operators Grant (SVOG) – SVOG is a federal economic assistance program for arts organizations, administered through the Small Business Administration. If you are a theatrical producer, talent rep, venue promoter, operate a live venue, live performing arts organization, movie house, or cultural institution you may be eligible to apply.  (Due to technical difficulties, SBA has temporarily suspended the SVOG application portal. SBA is working to reopen as soon as possible and will share advance notice prior to reopening so all applicants can be prepared. Applicants may continue to register for a new account).
  • CARES Act Provider Relief Fund – The Provider Relief Fund supports families, workers, and the heroic healthcare providers in the battle against COVID-19. HHS is distributing $178 billion to hospitals and healthcare providers on the front lines of the coronavirus response.

  • NDC Accepting PPP Applications – The National Development Council’s (NDC) Grow America Fund is taking applications for Paycheck Protection Program (PPP) First Draw and Second Draw Loans.
  • Business and Industry (B&I) CARES Act Program – USDA is making available up to $1 billion in loan guarantees to help rural businesses meet their working capital needs during the coronavirus pandemic. Additionally, agricultural producers that are not eligible for USDA Farm Service Agency loans may receive funding under USDA B&I CARES Act Program provisions included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Deadline: September 15, 2021, or until funds are expended.
  • NMSBA Leveraged Projects – NMSBA leveraged projects allow multiple small businesses that share technical challenges to request assistance collectively for a project funded at a higher level than the limits for a single company. Leveraged projects fund lab staff time and incidental materials at a range of $40,000 to $120,000 (the sum of the assistance for which each participating company is eligible) and must be completed by December 2021.
  • PNM COVID-19 Customer Relief Program – These new PNM COVID Customer Relief Programs are designed to deliver assistance for both residential and small business customers who are behind on their bill and need a hand in getting their account in better status to avoid an interruption of electric service down the road, and ultimately breathe a sigh of relief when they are facing a large past due balance.
  • Gov. Michelle Lujan Grisham and the New Mexico Department of Finance announced the names of the municipalities and counties that will receive CARES Act funding that can be offered as grants to their local businesses. Grant funds can only be used by pandemic-impacted businesses for eligible expenses that fall into two categories: Business Continuity (such as non-owner payroll; rent or mortgage; insurance; utilities; marketing) and Business Redesign (installing plexiglass barriers, temporary structures and physical space reconfiguration to mitigate the spread of the virus; purchases of PPE and web conferencing technology).  Each awarded municipality, county and regional group will announce its own application procedures that eligible businesses must follow.  >See if your business is located in an awarded municipality, county or region.

  • Economic Injury Disaster Loan (EIDL) – This loan and advance up to $10,000 will provide economic relief to businesses that are currently experiencing temporary difficulties.  Please note:  The “advance” portion of the EIDL Loan is now officially closed.  EIDL loan applications will still be processed even though the Advance is no longer available. 

  • Coronavirus Food Assistance Program – USDA relief funding for agricultural producers who suffered losses due to the coronavirus. 

  • COVID Relief Resources from covidcap.com – The covidcap.com database contains over 1,400 listings totaling over $1 trillion in grants, debt, and other cash equivalents. The database also includes listings for non-financial support for entrepreneurs.

Resources To Stay Up To Date


Small Business Administration Resources

Resources shared here include information about the Economic Injury Disaster Loan Program, Guidance for Businesses and Employers, SBA Products and Resources, Government Contracting, and Local Assistance.


City of Albuquerque Resources

  • NEW! Financial Navigators Program – The Financial Navigators program is designed to help residents deal with the financial impact of the COVID-19 pandemic, providing remote assistance in navigating critical financial issues by connecting clients to social services and resources.  The City of Albuquerque is working with local community organizations, including Prosperity Works, to provide this free public service for all City of Albuquerque residents.
  • Small Business Office

The Small Business Office (SBO) is a division of the City of Albuquerque’s Economic Development Department. It is the central point of entry for Albuquerque entrepreneurs and businesses providing timely, relevant, actionable information and assistance.

This guide provides tips and resources for businesses and organizations navigating through the Coronavirus. They also include a list of small business ecosystem partners at the end – an incredible list of community providers here to support you.

  • The City of Albuquerque released a list of COVID-19 tips and resources for small businesses and organizations. View it HERE.
  • Scammers take advantage of fears about the coronavirus.  Here are some tips to keep you safe from scammers in English and Spanish.  You can also find additional information HERE.

New Mexico Department of Workforce Solutions


Additional resources:

This website has resources, inspiration and connection to other everyday entrepreneurs with creative solutions to keep their business open, even if their doors are closed due to COVID-19.