City of Rio Rancho issued the following announcement on May 28.
In response to the COVID-19 pandemic, the City of Rio Rancho has received $346,887 from the U.S. Department of Housing and Urban Development (HUD) to be used to prevent, prepare for, and respond to COVID-19.
Under the guidance and leadership of Mayor Hull, City staff developed the Small Business Assistance Program, which will use the funding from HUD to aid microenterprise and small businesses located in the City of Rio Rancho that have suffered revenue decline due to COVID-19, and assist business owners with monthly fixed expenses, inventory expenses, and payroll in an effort to retain jobs and prevent permanent closure of businesses.
“The COVID-19 pandemic has rattled our local economy and businesses,” said Rio Rancho Mayor Gregg Hull. “When this funding became available, I immediately honed-in on the opportunity to help our local small businesses take steps forward to survive and, ultimately, thrive.”
The City will begin accepting applications on June 1, 2020. Monetary assistance will be awarded on an ongoing basis until funding is exhausted. If businesses comply with all terms and conditions for one year, no repayment of the awarded funds will be required. Rio Rancho small business owners are encouraged to visit www.rrnm.gov/assistance to review the list of complete eligibility requirements and restrictions and apply for funding assistance.
To be eligible to receive assistance, business owners must meet one of the following Federal requirements:
- up to $5,000 for a microenterprise with five or fewer employees and the business owner must earn under 80% of the area median income;
- up to $5,000 for a small business between six to 10 employees, with at least one employee in jeopardy of losing their job and a commitment to hire employee(s) back within six weeks of the end of the COVID-19 self-isolating period, and at least one low/moderate income employee retained as a result of receiving assistance;
- up to $10,000 for a small business between 11 to 40 employees, with at least one employee for every 10 employees in jeopardy of losing their job and a commitment to hire at least one employee for every 10 employees back within six weeks of the end of the COVID-19 self-isolating period, and at least one low/moderate income employee retained as a result of receiving assistance.
The $346,887 was authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Public Law 116-136, which was signed by the President on March 27, 2020, to respond to the growing effects of this historic public health crisis.
Original source can be found here.
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