summary
Introduced
01/19/2021
01/19/2021
In Committee
02/23/2021
02/23/2021
Crossed Over
02/10/2021
02/10/2021
Passed
02/25/2021
02/25/2021
Dead
Signed/Enacted/Adopted
02/25/2021
02/25/2021
Introduced Session
2021 Regular Session
Bill Summary
AN ACT RELATING TO ECONOMIC RECOVERY; CHANGING THE NAME OF THE SMALL BUSINESS RECOVERY ACT OF 2020 TO THE SMALL BUSINESS RECOVERY AND STIMULUS ACT; CHANGING CERTAIN DEFINITIONS WITHIN THE SMALL BUSINESS RECOVERY AND STIMULUS ACT; EXTENDING THE DEADLINE TO APPLY FOR A SMALL BUSINESS RECOVERY LOAN; DELAYING THE REVERSION OF THE SMALL BUSINESS RECOVERY LOAN FUND; CHANGING THE TERMS OF SMALL BUSINESS RECOVERY LOANS; PERMITTING THE REQUIREMENT OF A PERSONAL GUARANTEE OR COLLATERAL FOR CERTAIN LOANS; ALLOWING A RECIPIENT OF A PREVIOUS SMALL BUSINESS RECOVERY LOAN TO REFINANCE THE LOAN SUBJECT TO THE TERMS OF THIS ACT; INCREASING THE AMOUNT OF THE SEVERANCE TAX PERMANENT FUND INVESTED PURSUANT TO THE SMALL BUSINESS RECOVERY AND STIMULUS ACT; CLARIFYING CONFIDENTIALITY PROVISIONS; REPEALING SECTION 6-32-6 NMSA 1978 (BEING LAWS 2020 (1ST S.S.), CHAPTER 6, SECTION 6); DECLARING AN EMERGENCY.
AI Summary
This bill makes several changes to the Small Business Recovery Act of 2020, renaming it the Small Business Recovery and Stimulus Act. It expands the definition of a qualifying small business, extends the deadline to apply for a small business recovery loan, delays the reversion of the small business recovery loan fund, modifies the terms of the loans, permits the requirement of a personal guarantee or collateral for certain loans, allows recipients of previous small business recovery loans to refinance under the new terms, increases the amount of the severance tax permanent fund invested in the program, and clarifies confidentiality provisions. The bill also declares an emergency, allowing it to take effect immediately.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Signed by Governor - Chapter 5 - Mar. 3 (on 02/25/2021)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=3&year=21 |
| BillText | https://www.nmlegis.gov/Sessions/21%20Regular/final/SB0003.pdf |
| BillText | https://www.nmlegis.gov/Sessions/21%20Regular/bills/senate/SB0003.pdf |
Loading...