Small Business Recovery Act Kicks-Off with Informational Virtual Town Halls

Category: Non-Local News Releases Non-Local News Releases
Published: 28 July 2020 28 July 2020

Santa Fe, N.M. – Officially kicking-off the rollout of the nearly half a billion dollar New Mexico Small Business Recovery Act (SBRA) in support of mom and pop businesses statewide, House Democratic State Representatives will be hosting three online virtual town halls today and Wednesday. 

The newly created SBRA is the result of a hard fought effort by House Democrats to provide small business relief to small, locally-owned businesses throughout the state that are facing unprecedented economic turmoil due to the COVID-19 pandemic. Sponsored by Representative Marian Matthews (D-Albuquerque), Representative Daymon Ely (D-Corrales), Senator Jacob Candelaria (D-Albuquerque), and Senator John Sapien (D-Rio Rancho), the SBRA will be administered by the New Mexico Finance Authority (NMFA) who’ll begin taking applications from businesses, non-profits, and local governments on Monday, August 3.

The virtual town halls will happen Wednesday, July 29, and feature House Democratic Representatives including Speaker of the House Brian Egolf (D-Santa Fe). The town halls will be broadcast live through Facebook and uploaded for later viewing on Facebook and YouTube. These discussions will focus exclusively on the roll out of the SBRA, with experts from NMFA available to answer participant questions around applying for loans, applicant qualifications, and other related questions. Media is encouraged to watch the conversations and interviews with representatives and experts can be arranged upon request.

Virtual town halls are scheduled as follows:

Wednesday, July 29, 3 pm

Speaker Brian Egolf (D-Santa Fe), Rep. Javier Martinez (D-Albuquerque), and NMFA

Facebook Live: https://fbook.cc/3D4q  

Video available following Live broadcast via YouTube at: https://ggle.io/3H5j  

Wednesday, July 29, at 6:00 pm

Rep. Angelica Rubio (D-Las Cruces) and Rep. Javier Martinez (D-Albuquerque)

Facebook Live (Spanish): https://fbook.cc/3D4s  

New Mexico’s small businesses have faced many challenges and have been struggling to remain open as a result of COVID-19 and the global downturn. Nearly 40% of the total estimated 160,000+ New Mexicans who’re unemployed previously worked for locally-owned small businesses. The SBRA delivers $400 million to small businesses and non-profits, and an additional $50 million to local and municipal governments. Money for SBRA was provided by the State’s roughly $5 billion Severance Tax Permanent Fund designed to provide state investments during times of fiscal uncertainty.

House Democrats know small businesses are the bedrock of New Mexico’s local economies and will fight to keep their doors open and communities from falling through the cracks. The Democratic-sponsored Small Business Recovery Act passed the House with strong bipartisan support after attempts by House Republicans to leave the Special Session before a vote could take place. Additional information about the SBRA in English and Spanish is attached to this release. For an FAQ about the SBRA visit www.nmfa.net.  

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