Rio Rancho Regional Chamber of Commerce issued the following announcement on Sept. 3.
The City of Rio Rancho has received $465,733 in CARES Act funds from the State of New Mexico to assist small businesses that have had to severely change business operations due to the COVID-19 pandemic.
“Small businesses are the backbone of our economy,” said Rio Rancho Mayor Gregg Hull. “Since the outset of the pandemic, getting funds to assist our Rio Rancho small businesses has been our priority. This summer, the City launched the Small Business Assistance Program aimed at helping small business owners with inventory expenses and payroll. With this additional funding, we look to help even more businesses.”
The City has begun accepting applications. The deadline for small business owners to apply is September 18, 2020 for the first review of applications. If funds remain, applications will be reviewed on a rolling basis. The City will award grants for up to $10,000. 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:
- The company must be headquartered in New Mexico and either have been forced to close or severely curtail business operations as a result of closure orders from the state and have an annual revenue of $2 million or less prior to the impact of COVID-19.
- Must be a Rio Rancho small business with 50 or fewer full-time equivalent employees.
- The business must have a principal place of business in the municipal limits of Rio Rancho.
- The business must have a valid City of Rio Rancho Business License/Registration (if it needs to be renewed, please contact the City Clerk at 505-891-5004 or www.rrnm.gov/30/City-Clerk).
- The business shall remit GRT via the CRS1 form with a correct Rio Rancho location (if applicable).
- Applicants that have not received funding from other COVID-19 focused assistance programs, including but not limited to the Economic Injury Disaster Loan or Paycheck Protection Program will be prioritized.
- Eligible and reimbursable expenditures will have occurred or shall occur during the period of March 1, 2020 through December 30, 2020.
In March 2020, the Federal government passed the CARES Act. The State of New Mexico received $1.25 billion in CARES Act funding to cover costs that are necessary expenditures incurred due to the public health emergency with respect to the Coronavirus Disease 2019 (COVID-19). Subsequent federal guidance confirmed that the States were to share CARES Act funding with local governments that had not received a direct federal appropriation. Small business assistance was deemed to be an eligible expenditure by the Federal government and the State of New Mexico.
In August 2020, the City submitted a proposal to the State for Small Business Continuity and Redesign Grant funding. The City’s proposal sought $877,500 in funding. The City was one of four local governments to receive a top score of 50. Based on the amount of funding the State made available and the requests submitted by other Cities and Counties, Rio Rancho was notified on August 31, 2020 that $465,733 had been earmarked for its use.
For additional information about the City of Rio Rancho, please visit the City’s website, www.rrnm.gov. Follow the City on Twitter (twitter.com/RioRanchoNM), and like it on Facebook (facebook.com/RioRanchoGov).
Original source can be found here.
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