Farmington Business Continuity Grant
More businesses are now eligible to receive grant funding through the New Mexico Small Business Continuity Grant.
Requirements from the State of New Mexico have been loosened to include businesses that employ up to 100 people and have annual revenue of up to $5 million.
Businesses that employ 51-100 employees are now eligible for up to $15,000 in funding.
The requirement to be in operation as of March 1, 2019, has been lifted, however, there are more strict guidelines to prove that there was a loss of revenue.
Please see below for detailed instructions.
PLEASE READ THE FOLLOWING THOROUGHLY PRIOR TO APPLYING FOR FUNDS
For questions regarding the application, contact firstname.lastname@example.org or call 505-599-1536.
The City of Farmington was recently awarded CARES Act funding through the State of New Mexico for Small Business Continuity Grants (SBCG). Applications are now being accepted and awards will be made on a first come, first serve basis contingent upon eligibility and coronavirus-related financial impact. The State of New Mexico has made this reimbursement-based grant available to qualifying small businesses based on the following eligibility criteria.
The City of Farmington has awarded approximately $440,000 in the first round of Small Business Continuity Grants to over 75 Farmington businesses negatively affected by the coronavirus pandemic. The City is continuing to process applications and is soliciting additional applications from Farmington businesses.
Qualifications for the grant have been updated. In order to qualify, businesses must:
- Have 100 or fewer full-time equivalent (FTE) employees
- Be located in Farmington city limits and have a City of Farmington business license
- Have an annual revenue of $5 million or less prior to the impact of COVID-19
- Be able to show “significant impact” during the COVID-19 crises through declines in revenue as compared to pre-COVID-19 revenues.
Qualified applicants will be awarded one grant as follows:
- Applicants with 1-10 FTE employees may receive up to $5,000
- Applicants with 11-50 FTE employees may receive up to $10,000
- Applicants with 51-100 FTE employees may receive up to $15,000
Businesses with multiple locations will only be allowed one grant award and all locations combined must not exceed the threshold requirements of total employees (50 FTE) and total revenues ($2 million). Not-for-profit organizations which meet the criteria may also apply.
Pending available funds, applications will be accepted through December 1, 2020. Award letters will be sent pending the City of Farmington receiving all required supporting documents requested in the application. In order to ensure your award, you must submit eligible expenses by December 4th if your application is approved.
Proceeds from the grant must be spent on eligible “Business Continuity” and/or “Business Redesign” expenses. Expenditures incurred between March 1, 2020 to December 30, 2020 are eligible for reimbursement as per the “CARES Act” requirements and Coronavirus Relief Fund guidelines.
Business Continuity grant funding may be spent on:
- Non-owner employee payroll
- Scheduled mortgage payments
- Other fixed expenses related to the operation of the business (upon review)
Business Redesign grant funding may be spent on:
- Reconfiguring physical spaces to meet COVID-19 guidelines
- Installing plexiglass barriers,
- Purchasing web conferencing or other technology to facilitate work at home
- Personal protection equipment (PPE) for employees
- Temporary structures to mitigate the spread of Covid-19
Grantees will be required to submit receipts for expenditures to receive reimbursement from this grant. Special consideration may be made to allow grantees to receive up to half of the award in advance and the second half upon submission of all receipts for the total award amount. These requests will be reviewed on a case by case basis. Likewise, businesses with out-of-State headquarters will be reviewed on a case-by-case basis to ensure local ownership and operation.
If the applicant received a Paycheck Protection Program loan or an Economic Injury Disaster loan from the Small Business Administration, the applicant cannot submit the same expenses for reimbursement in the documentation for the SBCG.
*For purposes of this grant, an FTE is an employee who has worked more than 30 hours per week. To calculate FTE’s, take the total number of hours worked between all employees for the month and divide by 120. Do not include owner work hours.
Apply for funds HERE.