Bill > HB237

This bill establishes the Small Business Disaster Relief Program, which will provide grants to small businesses located in areas declared as disasters by the governor, specifically when federal emergency management agency (FEMA) funding or insurance reimbursement is unavailable. The grants can be used for operating expenses like payroll and rent, replacing or repairing damaged property, and other disaster-related business costs. To receive a grant, businesses must apply to the economic development department, detailing the disaster's impact, their employment numbers, and all available financial resources, including existing accounts, lines of credit, and other grants. The department will review applications competitively, prioritizing businesses with the greatest financial need, and may adjust requested grant amounts based on reasonable costs. The bill also creates the Small Business Disaster Relief Fund, a dedicated fund for these grants, and appropriates $1,000,000 from the general fund to it. The economic development department will report annually to the legislative finance committee on the program's usage, including the number of grants, average amounts, and types of businesses assisted.

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=237&year=26