Rep. Torres Small: New Mexico Delegation Encourages Small Businesses, Non-Profits Needing Assistance to Consider Newly Available Federal Disaster Loan Assistance

WASHINGTON, March 19 -- Rep. Xochitl Torres Small, D-New Mexico, issued the following news release:

U.S. Senators Tom Udall and Martin Heinrich, and U.S. Representatives Xochitl Torres Small, Ben Ray Lujan, and Deb Haaland are encouraging small businesses and non-profits needing assistance to consider applying for federal disaster loan assistance after the U.S. Small Business Administration (SBA) issued economic disaster declarations across the state to help alleviate economic injury caused by the Coronavirus (COVID-19).

"Each day we are seeing new challenges from COVID-19, but these federal disaster loans are one option to provide small businesses across New Mexico with the confidence that the fruits of their labor will weather this storm," the New Mexico delegation said. "We are urging small businesses and non-profits to check their eligibility and strongly consider the application process as one way to help ensure economic sustainability and ease their sense of uncertainty."

The SBA is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). These guidelines are authorized by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently supported by the New Mexico delegation and signed into law.

SBA's Economic Injury Disaster Loans offer up to $2 million in assistance per small business and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can't be paid because of the disaster's impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.

SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower's ability to repay. Please visit https://www.sba.gov/funding-programs/disaster-assistance to apply.

The delegation added, "We will continue to be in close communication with federal, state, Tribal and local agencies and are working to ensure that our state has the resources it needs to protect public health and provide some economic stability for our communities."

For additional information, please contact the SBA disaster assistance customer service center by phone at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.