Bernalillo County is offering more emergency financial support through the Coronavirus Aid, Relief, and Economic Security (CARES) Act federal stimulus package for qualifying small businesses.
Bernalillo County commissioners approved the use of an additional $1 million of CARES money at a special meeting of the commission this morning.
The grants will be up to $10,000 for qualifying small businesses located inside the city limits of Albuquerque as well as within the unincorporated areas of the county.
UPDATE – this application process is now closed.
“With the coronavirus (COVID-19) remaining a serious concern, we realize our business community has a continued need for financial assistance during this unprecedented time,” says County Commission Chair, Lonnie Talbert. “It is important for us to help when we are able, so I am very excited and proud to say we are providing additional funding to help our local business owners recover and rebuild.”
For a business to qualify, it must have a physical establishment located within Bernalillo County and have one-50 full-time employees, or equivalent part-time employees. Additionally, businesses and organizations must not have received more than $3 million in taxable receipts per annum. Priority will be given to businesses and organizations that did not receive funds from the Small Business Administration’s Economic Injury Disaster Loan (EIDL), Federal Paycheck Protection Program (PPP), or small business assistance funds from the State of New Mexico or the City of Albuquerque. Reimbursement is not required for grant recipients.
The application process will open on Sept. 2 at 8 a.m. and will remain open until all funds are exhausted.
Required documentation for the grant application can be found on the county website at: www.bernco/gov.
The additional funding was approved by the commission on a 5 – 0 vote.