Which Economic Recovery Tool is Right for You?
Programs that may apply to you if your business is...
Maintaining or even expanding headcount?
- EIDL Loan with up to $10,000 grant advance
-
Payroll Protection Program (forgiveable loand, short-term cash injection for payroll). You can find eligible lenders here. You can also find the US Chamber Small Business Guide and Checklist here. -
ERTC - Employee Retention (refundable) Tax Credit (preserves cash and/or back-end cash flow. No loan application today. Augmented for <100 EE/HC) -
Employer Side Social Security Deferral (preserves cash, no loan application today)
Open, keeping your head above water?
- EIDL Loan with up to $10,000 grant advance
-
ERTC - Employee Retention (refundable) Tax Credit (preserves cash and/or back-end cash flow. No loan application today. Augmented for <100 EE/HC) -
Employer Side Social Security Deferral (preserves cash, no loan application today) -
NMEDD Loan Guarantee (administered by local NMEDD staff, strong desire to help)
In a position to restore headcount by June 30 (ideally with a re-hire ramp starting by 5/1)?
-
EIDL Loan with up to $10,000 grant advance -
Payroll Protection Program (forgiveable loand, short-term cash injection for payroll). You can find eligible lenders here. You can also find the US Chamber Small Business Guide and Checklist here. -
ERTC - Employee Retention (refundable) Tax Credit (preserves cash and/or back-end cash flow. No loan application today. Augmented for <100 EE/HC) -
Employer Side Social Security Deferral (preserves cash, no loan application today) -
NMEDD Loan Guarantee (administered by local NMEDD staff, strong desire to help) -
Emergency Paid Sick Leave (FFCRA)
In need of liquidity and working capital?
- NMEDD Loan Guarantee (administered by local NMEDD staff, strong desire to help)
-
NMSBIC Microloans
Looking to cover non-payroll operating expenses?
-
EIDL Loan with up to $10,000 grant advance -
NMEDD Loan Guarantee (administered by local NMEDD staff, strong desire to help) -
NMSBIC Microloans
Looking to retain workforce by offering paid sick leave to employees impacted by COVID-19?
- Emergency Paid Sick Leave (FFCRA)
Hunkering down with shuttered operations (yet with strong business fundamentals)?
-
Emergency Paid Sick Leave (FFCRA) -
Expanded Unemployment Benefits -
NMSBIC Microloans -
Penalty free retirement account withdrawal
Mid-Market New Mexico companies with >40 employees and strong business fundamentals?
- NM Recovery Fund (NM SIC)
Special thanks to the City of Rio Rancho Economic Development Department for pulling together this information. To see the full at-a-glance decision matrix, click here.