03 Mar New Mexico Businesses Get Help with Hiring/Re-Hiring Employees
House Bill 11, which was signed into law last Friday, will provide up to $100,000 per qualifying business to help with the hiring and re-hiring of employees.
“Thousands of New Mexico businesses will be able to receive assistance through this grant program so they can hire or rehire employees,” said Economic Development Cabinet Secretary Alicia J. Keyes in a press release issued by the Office of the Governor. “Building this new capacity to create jobs is a cornerstone of the state’s recovery plan.”
The guidelines include:
- Businesses must be operating in New Mexico with fewer than 75 employees per location;
- Businesses must demonstrate a loss of revenue for at least one quarter between 2019 and 2020;
- Funding must be used for reimbursement of rent, mortgage or lease obligations;
- The grant must be accompanied by job creation for each quarter prior to one of the quarterly payments; and
- The grants will be paid out in quarterly installments.
The Economic Development Department’s LEDA job-creation fund will be allocating the funds, and The New Mexico Finance Authority will be administering the program. Qualifying business owners will need to agree to hiring benchmarks in advance, and the Economic Development Department will be monitoring progress as required for all LEDA investments.\