Farmington Business Continuity Grant
LEASE READ THE FOLLOWING THOROUGHLY PRIOR TO APPLYING FOR FUNDS
For questions regarding the application, contact email@example.com or call 505-599-1536.
The City of Farmington was recently awarded CARES Act funding through the State of New Mexico for Small Business Continuity Grants (SBCG). Applications are now being accepted and awards will be made on a first come, first serve basis contingent upon eligibility and coronavirus-related financial impact. The State of New Mexico has made this reimbursement-based grant available to qualifying small businesses based on the following eligibility criteria.
Qualified applicants will be awarded one grant as follows:
- Applicants with 1-10 FTE employees may receive up to $5,000
- Applicants with 11-50 FTE employees may receive up to $10,000
Businesses with multiple locations will only be allowed one grant award and all locations combined must not exceed the threshold requirements of total employees (50 FTE) and total revenues ($2 million). Not-for-profit organizations which meet the criteria may also apply.
Applications will be reviewed and award letters are expected to be sent on September 16, 2020 pending the City of Farmington receiving a fully executed grant agreement with the State of New Mexico. The City will continue to take applications as funding allows.
ATTENTION (9/16/20 UPDATE): We have received our executed grant agreement from the State. However, due to additional training/information the State has provided to us, we may be requiring additional information from applicants. We encourage interested parties to please continue to submit your applications and to expect followup from the City for additional information.
Proceeds from the grant must be spent on eligible “Business Continuity” and/or “Business Redesign” expenses. Expenditures incurred between March 1, 2020 to December 30, 2020 are eligible for reimbursement as per the “CARES Act” requirements and Coronavirus Relief Fund guidelines.
Business Continuity grant funding may be spent on:
- Non-owner employee payroll
- Scheduled mortgage payments
- Other fixed expenses related to the operation of the business (upon review)
Business Redesign grant funding may be spent on:
- Reconfiguring physical spaces to meet COVID-19 guidelines
- Installing plexiglass barriers,
- Purchasing web conferencing or other technology to facilitate work at home
- Personal protection equipment (PPE) for employees
- Temporary structures to mitigate the spread of Covid-19
Grantees will be required to submit receipts for expenditures to receive reimbursement from this grant. Special consideration may be made to allow grantees to receive up to half of the award in advance and the second half upon submission of all receipts for the total award amount. These requests will be reviewed on a case by case basis.
If the applicant received a Paycheck Protection Program loan or an Economic Injury Disaster loan from the Small Business Administration, the applicant cannot submit the same expenses for reimbursement in the documentation for the SBCG.
*For purposes of this grant, an FTE is an employee who has worked more than 30 hours per week. To calculate FTE’s, take the total number of hours worked between all employees for the month and divide by 120. Do not include owner work hours.
Apply for funds HERE.