Lenders in New Mexico are still able to help businesses with loan applications for the U.S. Small Business Administration’s Paycheck Protection Program (PPP), Economic Development Department Cabinet Secretary Alicia J. Keyes said in a recent virtual roundtable discussion.
As reported, Congress appropriated another $310 billion for crisis relief funding last week. As part of that bill, about 20 percent of the money ($60 billion) was reserved for small banks and community lenders. Applications reopened on April 27.
During the roundtable last Friday afternoon with the EDD Cabinet Secretary Alicia J. Keyes, U.S. Rep. Ben Ray Lujan, D-New Mexico, said there was about $200 billion left for PPP loans, “but this will go quickly.”
Rep. Lujan added that nearly all the community banks and credit unions in New Mexico “have completely cleared their backlog, and most of the community lenders are soliciting new loan applications and taking on new customers.”
“There are still lenders in New Mexico that have lending capacity, especially among the community banks and federal credit unions,” said John Garcia, New Mexico District Director for the U.S. Small Business Administration.
“For New Mexico to have a full recovery we need businesses to be healthy,” Secretary Keyes said. “I would urge any businesses who have not yet applied for SBA assistance, to do so.”
As of April 29, the U.S. Small Business Administration (SBA) has approved over 960,000 loans in the second round of the PPP. The dollar value of those loans was $90 billion, with smaller banks accounting for 587,000 loans or 61 percent of the volume.
The average loan size for round 2 of the Paycheck Protection Program is $95,000 compared with $206,000 in the first round of the program, according to the SBA’s New Mexico Office.
For SBA program information go to SBA.GOV
For information on all the state and federal emergency economic assistance, go to the EDD website, GoNM.biz
For comprehensive statewide information on the COVID-19 health emergency, visit NEWMEXICO.GOV.
Note: This is a summary of aggregated information from other parties and does not express the direct advice of Sam Goldenberg & Associates.