With many businesses closing for a second consecutive month and the number of layoffs continuing to increase, most New Mexicans are feeling the sudden and severe economic consequences of the coronavirus. This financial hardship is also being experienced on the state level, where revenue losses are predicted to be over a billion dollars, and fiscal recovery for the state is projected to potentially take more than a year. In the midst of these ongoing dire economic predictions, it’s important to recognize and take advantage of the resources available to New Mexicans.
Expanded unemployment coverage – Access to unemployment insurance for those who have lost work due to the COVID-19 has been speeded up, allowing applicants to receive coverage payments more quickly. For information about general unemployment coverage under the pandemic, consult the state information for workers webpage. Additional information on expanded coverage under the new Pandemic Unemployment Assistance (PUA) can be found on the state Pandemic Unemployment Assistance webpage.
Protection from eviction - New Mexico courts ordered a pause on all evictions due to an inability to pay during the COVID-19 pandemic. This action protects renters from eviction during the virus outbreak period. Tenants will need to provide proof of their inability to pay. More information is available on the New Mexico Courts webpage. Scroll down to “Evictions Paused” and click on this section.
Government stimulus payments – In the coming weeks, individual taxpayers should be receiving stimulus payments from the federal government in the form of checks for $1200 per taxpayer for taxpayers with an adjusted gross income of $75,000 or below. Recent adjustments to the provision will allow anyone on social security to receive these checks automatically, even if they have not filed an income tax return. For more information, see the Washington Post article from April 1.
Support for businesses – The New Mexico Economic Development Department will host a webinar tomorrow Friday 3 April, starting at noon. State and federal experts will provide an overview of the resources available to support business owners during the COVID-19 pandemic. You can register for the webinar on the New Mexico Economic Development Department website. Click on the webinar’s “register here” link in the menu on the left hand side of the Home page. You can also watch a video of the webinar after the event.
Grants to small non-profits – The Santa Fe Community Foundation is providing small grants to small non-profits that are experiencing hardship due to the coronovirus. Non-profits in San Miguel County are eligible for this funding. The current grant cycle will be directed towards organizations “focusing on health/wellbeing and food insecurity.” Applications are available on the SFCF COVID-19 grant application webpage.
A complete listing of resources to help individuals, small businesses, and organizations deal with the economic impact of the pandemic is provided on the state resource pages:
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