Gov. Lujan Grisham signs measure to help small businesses recover from COVID-19

[Skip to content](#main-content)

# PRESS RELEASES

1. [Home](https://www.governor.state.nm.us) 2. [Press Releases](https://www.governor.state.nm.us/press-releases/) 3. Gov. Lujan Grisham signs measure to help small businesses recover from COVID-19

# Gov. Lujan Grisham signs measure to help small businesses recover from COVID-19

Jul 7, 2020 | [Press Releases](https://www.governor.state.nm.us/press-releases/)

SANTA FE – Gov. Michelle Lujan Grisham on Tuesday delivered hundreds of millions of dollars for low-interest, low-risk loans to help small New Mexico businesses recover financially from COVID-19.

The Small Business Recovery Act of 2020 allocates $400 million from the state’s $5 billion Severance Tax Permanent Fund for loans to small New Mexico businesses and nonprofits and almost $50 million for loans to local governments.

Eligible businesses and nonprofits may borrow two times their average monthly expenses up to a maximum of $75,000. The measure sets the interest rate at one-half the prime rate on the day the loan is made. The initial loan period is three years.

“Small businesses are the backbone of New Mexico’s economy and the lifeblood of our communities. They’ve suffered greatly from this unprecedented pandemic emergency, and our state and our economy suffer with them,” Gov. Lujan Grisham said. “I will fight for small businesses and their recovery every single day and this measure, putting our state’s wealth to work in getting them back on their feet, is a significant step in the right direction.”

The loan program is limited to businesses and nonprofits with 2019 annual gross revenue of less than $5 million and whose April or May income dropped 30 percent or more compared to the same month in 2019.

For a local government to be eligible, it must have experienced at least a 10 percent decline in operating revenue in fiscal year 2020 due to the economic impacts of the coronavirus disease.

The New Mexico Finance Authority will administer the program.

The legislation also freezes employer contribution rates to the unemployment compensation trust fund through December 31, 2021, stopping expected increases that would have taken effect next year.

The legislation, sponsored by Sens. John Sapien, Jacob Candelaria and Sander Rue and Reps. Marian Matthews and Daymon Ely, passed the Senate 26-11 and the House 59-5 during June’s special legislative session.

“I commend the governor and the state legislators for actively helping small businesses with a very needed relief aid package at this difficult time,” said Theresa A. Carson, president and CEO of the African American Greater Albuquerque Chamber of Commerce. “This could be the lifeline for many small businesses to get them through this pandemic.”

“The COVID-19 Pandemic has hurt small businesses and disproportionately affected Hispanic and minority-owned businesses here in New Mexico,” said Ernie C’deBaca, president and CEO of the Albuquerque Hispano Chamber of Commerce. “Many of these businesses did not receive the funding from federal programs that they needed in order to operate. The $400 million of low-interest loans provided by the Small Business Recovery Act of 2020 is a significant step to help small and minority-owned businesses in New Mexico get back on their feet as we reopen the economy.”

“SB3 stands for the simple idea that the greatest asset in New Mexico’s economic recovery is our people, and the businesses owned by our friends and family,” Sen. Candelaria said. “Difficult economic times lay ahead there can be no doubt. SB3 ensures that our state will be there to lend a stabilizing and supportive hand, using funds endowed by New Mexicans for New Mexicans at the time of their greatest need. The loan program this bill creates is a first of its kind in state history and represents the commitment this governor and this Legislature have to charting the course of New Mexico’s economic recovery for the better.”

“Big challenges require big responses. This may be the biggest stimulus New Mexico has ever passed, but we’re facing a huge economic upheaval,” Rep. Matthews said. “Some 170,000 New Mexicans are receiving unemployment. Our almost 200,000 small businesses, including thousands of mom-and-pop shops, are facing incredible challenges through no fault of their own. The Small Business Recovery Act is a lifeline to our small business community, and an investment in rebuilding our economy and providing jobs for hardworking New Mexicans. It reflects our faith in our people and our future and a commitment to moving forward.”

#### Recent Posts

*  [Governor appoints Rebecca Roose as Natural Resources Trustee](https://www.governor.state.nm.us/2026/06/05/governor-appoints-rebecca-roose-as-natural-resources-trustee/)  * [U.S. Supreme Court approves Rio Grande compact settlement – Agreement ends 13-year interstate dispute](https://www.governor.state.nm.us/2026/05/28/u-s-supreme-court-approves-rio-grande-compact-settlement-agreement-ends-13-year-interstate-dispute/)  * [Health care loan repayment expands to address doctor shortage – Record expansion part of strategy to add health providers in NM](https://www.governor.state.nm.us/2026/05/26/health-care-loan-repayment-expands-to-address-doctor-shortage-record-expansion-part-of-strategy-to-add-health-providers-in-nm/) * [Governor declares statewide drought and severe fire conditions – Agencies will coordinate community and water protection efforts](https://www.governor.state.nm.us/2026/05/20/governor-declares-statewide-drought-and-severe-fire-conditions-agencies-will-coordinate-community-and-water-protection-efforts/)    * [Governor Lujan Grisham leads trade mission to Japan](https://www.governor.state.nm.us/2026/05/11/governor-lujan-grisham-leads-trade-mission-to-japan/)

## Press Release Archive

* [June 2026](https://www.governor.state.nm.us/2026/06/) (1) * [May 2026](https://www.governor.state.nm.us/2026/05/) (6) * [April 2026](https://www.governor.state.nm.us/2026/04/) (5) * [March 2026](https://www.governor.state.nm.us/2026/03/) (10) * [February 2026](https://www.governor.state.nm.us/2026/02/) (21) * [January 2026](https://www.governor.state.nm.us/2026/01/) (10) * [December 2025](https://www.governor.state.nm.us/2025/12/) (7) * [November 2025](https://www.governor.state.nm.us/2025/11/) (6) * [October 2025](https://www.governor.state.nm.us/2025/10/) (11) * [September 2025](https://www.governor.state.nm.us/2025/09/) (11) * [August 2025](https://www.governor.state.nm.us/2025/08/) (7) * [July 2025](https://www.governor.state.nm.us/2025/07/) (9) * [June 2025](https://www.governor.state.nm.us/2025/06/) (10) * [May 2025](https://www.governor.state.nm.us/2025/05/) (4) * [April 2025](https://www.governor.state.nm.us/2025/04/) (12) * [March 2025](https://www.governor.state.nm.us/2025/03/) (13) * [February 2025](https://www.governor.state.nm.us/2025/02/) (11) * [January 2025](https://www.governor.state.nm.us/2025/01/) (11) * [December 2024](https://www.governor.state.nm.us/2024/12/) (5) * [November 2024](https://www.governor.state.nm.us/2024/11/) (9) * [October 2024](https://www.governor.state.nm.us/2024/10/) (10) * [September 2024](https://www.governor.state.nm.us/2024/09/) (16) * [August 2024](https://www.governor.state.nm.us/2024/08/) (9) * [July 2024](https://www.governor.state.nm.us/2024/07/) (13) * [June 2024](https://www.governor.state.nm.us/2024/06/) (17) * [May 2024](https://www.governor.state.nm.us/2024/05/) (5) * [April 2024](https://www.governor.state.nm.us/2024/04/) (9) * [March 2024](https://www.governor.state.nm.us/2024/03/) (13) * [February 2024](https://www.governor.state.nm.us/2024/02/) (19) * [January 2024](https://www.governor.state.nm.us/2024/01/) (13) * [December 2023](https://www.governor.state.nm.us/2023/12/) (10) * [November 2023](https://www.governor.state.nm.us/2023/11/) (8) * [October 2023](https://www.governor.state.nm.us/2023/10/) (13) * [September 2023](https://www.governor.state.nm.us/2023/09/) (6) * [August 2023](https://www.governor.state.nm.us/2023/08/) (9) * [July 2023](https://www.governor.state.nm.us/2023/07/) (16) * [June 2023](https://www.governor.state.nm.us/2023/06/) (19) * [May 2023](https://www.governor.state.nm.us/2023/05/) (17) * [April 2023](https://www.governor.state.nm.us/2023/04/) (11) * [March 2023](https://www.governor.state.nm.us/2023/03/) (24) * [February 2023](https://www.governor.state.nm.us/2023/02/) (23) * [January 2023](https://www.governor.state.nm.us/2023/01/) (23) * [December 2022](https://www.governor.state.nm.us/2022/12/) (14) * [November 2022](https://www.governor.state.nm.us/2022/11/) (17) * [October 2022](https://www.governor.state.nm.us/2022/10/) (19) * [September 2022](https://www.governor.state.nm.us/2022/09/) (22) * [August 2022](https://www.governor.state.nm.us/2022/08/) (26) * [July 2022](https://www.governor.state.nm.us/2022/07/) (27) * [June 2022](https://www.governor.state.nm.us/2022/06/) (23) * [May 2022](https://www.governor.state.nm.us/2022/05/) (15) * [April 2022](https://www.governor.state.nm.us/2022/04/) (17) * [March 2022](https://www.governor.state.nm.us/2022/03/) (21) * [February 2022](https://www.governor.state.nm.us/2022/02/) (25) * [January 2022](https://www.governor.state.nm.us/2022/01/) (18) * [December 2021](https://www.governor.state.nm.us/2021/12/) (10) * [November 2021](https://www.governor.state.nm.us/2021/11/) (7) * [October 2021](https://www.governor.state.nm.us/2021/10/) (8) * [September 2021](https://www.governor.state.nm.us/2021/09/) (23) * [August 2021](https://www.governor.state.nm.us/2021/08/) (14) * [July 2021](https://www.governor.state.nm.us/2021/07/) (12) * [June 2021](https://www.governor.state.nm.us/2021/06/) (18) * [May 2021](https://www.governor.state.nm.us/2021/05/) (14) * [April 2021](https://www.governor.state.nm.us/2021/04/) (24) * [March 2021](https://www.governor.state.nm.us/2021/03/) (15) * [February 2021](https://www.governor.state.nm.us/2021/02/) (17) * [January 2021](https://www.governor.state.nm.us/2021/01/) (33) * [December 2020](https://www.governor.state.nm.us/2020/12/) (33) * [November 2020](https://www.governor.state.nm.us/2020/11/) (38) * [October 2020](https://www.governor.state.nm.us/2020/10/) (42) * [September 2020](https://www.governor.state.nm.us/2020/09/) (43) * [August 2020](https://www.governor.state.nm.us/2020/08/) (39) * [July 2020](https://www.governor.state.nm.us/2020/07/) (42) * [June 2020](https://www.governor.state.nm.us/2020/06/) (47) * [May 2020](https://www.governor.state.nm.us/2020/05/) (47) * [April 2020](https://www.governor.state.nm.us/2020/04/) (39) * [March 2020](https://www.governor.state.nm.us/2020/03/) (62) * [February 2020](https://www.governor.state.nm.us/2020/02/) (40) * [January 2020](https://www.governor.state.nm.us/2020/01/) (15) * [December 2019](https://www.governor.state.nm.us/2019/12/) (16) * [November 2019](https://www.governor.state.nm.us/2019/11/) (6) * [October 2019](https://www.governor.state.nm.us/2019/10/) (6) * [September 2019](https://www.governor.state.nm.us/2019/09/) (11) * [August 2019](https://www.governor.state.nm.us/2019/08/) (9) * [July 2019](https://www.governor.state.nm.us/2019/07/) (14) * [June 2019](https://www.governor.state.nm.us/2019/06/) (7) * [May 2019](https://www.governor.state.nm.us/2019/05/) (12) * [April 2019](https://www.governor.state.nm.us/2019/04/) (12) * [March 2019](https://www.governor.state.nm.us/2019/03/) (19) * [February 2019](https://www.governor.state.nm.us/2019/02/) (29) * [January 2019](https://www.governor.state.nm.us/2019/01/) (14) * [December 2018](https://www.governor.state.nm.us/2018/12/) (1)

### Categories

* [2022 Wildfires](https://www.governor.state.nm.us/2022-wildfires/) * [COVID-19](https://www.governor.state.nm.us/covid-19/) * [Early Childhood Education](https://www.governor.state.nm.us/early-childhood-education/) * [Legislative Updates](https://www.governor.state.nm.us/legislative-updates/) * [Press Releases](https://www.governor.state.nm.us/press-releases/) * [Public Safety](https://www.governor.state.nm.us/public-safety/) * [Uncategorized](https://www.governor.state.nm.us/uncategorized/)

## Contact

The Office of Governor Michelle Lujan Grisham is located on the fourth floor of the New Mexico State Capitol in Room 400.

Address: 490 Old Santa Fe Trail Room 400 Santa Fe, NM 87501

Phone: (505) 476-2200 Toll free: (833) 520-0020

## Quick Links

* [Open Positions](https://www.governor.state.nm.us/apply/open-positions/) * [Boards and Commissions](https://www.governor.state.nm.us/apply/boards-and-commissions/) * [Judicial and District Attorney Posts](https://www.governor.state.nm.us/judicial-and-district-attorney-posts/)

## Flag Status