$440,000 in Small Business Continuity Grant funds awarded to local businesses
City of Farmington accepting additional applications
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 50 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 $2 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
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.
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.
To apply and for additional information/criteria, visit the City of Farmington’s website at fmtn.org. Questions from businesses about the grant application may be directed to Cynthia Lopez at cylopez@fmtn.org or at 505-599-1536.
###
The City of Farmington was recently awarded $1,447,500 in Federal CARES Act funding through the State of New Mexico for Small Business Continuity Grants. Applications are now being accepted and awards will be made on a first come, first serve basis contingent upon eligibility, application completion and coronavirus-related financial impact.