For Immediate Release
November 5, 2020
City of Rio Rancho Calls for CARES Act Small Business Grant Applications – Deadline to submit
RIO RANCHO, N.M.— The City of Rio Rancho is making a final push to extend CARES Act small business grants to help local business weather the impact of the COVID-19 pandemic.
“Small businesses are the backbone of our economy,” said Rio Rancho Mayor Gregg Hull. “Since the launch of this Grant in early September, we have received more than 50 applications. We are calling on local businesses to apply if they have not done so yet. The State’s expanded eligibility allows us to reach more of our small businesses community and the increased maximum award amount will ensure all funds are exhausted for the benefit of our local economy.”
The firm deadline for small business owners to apply is November 16, 2020. The City will award grants for up to $50,000. Rio Rancho small business owners are encouraged to visit www.rrnm.gov/assistance to review the list of complete eligibility requirements and restrictions and apply for funding assistance.
To be eligible:
- The company must be headquartered in New Mexico and either have been forced to close or severely curtail business operations as a result of closure orders from the state and have an annual revenue of $5 million or less prior to the impact of COVID-19. Businesses that did not close or curtail operations due to closure orders may be eligible for business redesign expenditures incurred to mitigate the spread of COVID-19.
- Must be a Rio Rancho small business with 100 or fewer full-time equivalent employees.
- The business must have a principal place of business in the municipal limits of Rio Rancho.
- The business must have a valid City of Rio Rancho Business License/Registration (if it needs to be renewed, please contact the City Clerk at 505-891-5004 or www.rrnm.gov/30/City-Clerk).
- The business shall remit GRT via the CRS1 form with a correct Rio Rancho location (if applicable).
- Applicants that have not received funding from other COVID-19 focused assistance programs, including but not limited to the Economic Injury Disaster Loan or Paycheck Protection Program will be prioritized.
- Eligible and reimbursable expenditures will have occurred or shall occur during the period of March 1, 2020 through December 30, 2020.
- For complete eligibility criteria, see www.rrnm.gov/assistance
The application process is managed by the City of Rio Rancho.
In March 2020, the Federal government passed the CARES Act. The State of New Mexico received $1.25 billion in CARES Act funding to cover costs that are necessary expenditures incurred due to the public health emergency with respect to the Coronavirus Disease 2019 (COVID-19). Subsequent federal guidance confirmed that the States were to share CARES Act funding with local governments that had not received a direct federal appropriation. Small business assistance was deemed to be an eligible expenditure by the Federal government and the State of New Mexico.
In August 2020, the City submitted a proposal to the State for Small Business Continuity and Redesign Grant funding. The City’s proposal sought $877,500 in funding. The City was one of four local governments to receive a top score of 50. Based on the amount of funding the State made available and the requests submitted by other cities and counties, Rio Rancho was notified on August 31, 2020 that $465,733 had been earmarked for its use.
For additional information about the City of Rio Rancho, please visit the City’s website, www.rrnm.gov. Follow the City on Twitter (twitter.com/RioRanchoNM), and like it on Facebook (facebook.com/RioRanchoGov).
Annemarie L. García
City of Rio Rancho | City Administration
O: 505.896.8730 C: 505.377.1328