Chapter 6, Article 32 NMSA 1978 may be cited as the “Small Business Recovery and Stimulus Act”. History: Laws 2020 (1st S.S.), ch. 6, § 1; 2021, ch. 5, § 1. ANNOTATIONS The 2021 amendment, effective March 3, 2021, changed the name of the “Small Business Recovery Act of 2020” to the “Small Business Recovery […]
As used in the Small Business Recovery and Stimulus Act: A. “authority” means the New Mexico finance authority; B. “New Mexico resident” means an individual who is domiciled in this state during any part of the year or an individual who is physically present in this state for one hundred eighty-five days or more during […]
A. The “small business recovery loan fund” is created in the authority. The fund consists of appropriations, gifts, grants, deposits, transfers and donations to the fund. Money in the fund is appropriated to the authority to administer the provisions of the Small Business Recovery and Stimulus Act. The authority shall administer the fund. Balances remaining […]
A. The authority shall receive and review applications for small business recovery loans pursuant to the Small Business Recovery and Stimulus Act. The authority may designate one or more application periods and shall review small business recovery loan applications received in each application period in the order in which the completed applications were received and […]
A. Small business recovery loans shall be made for loan periods not to exceed ten years, as determined by the authority. The loans shall bear an annual interest rate equal to one-half of the Wall Street Journal prime rate on the date the loan is made; provided that no interest shall accrue during the first […]
History: Laws 2020 (1st S.S.), ch. 6, § 6; repealed by Laws 2021, ch. 5, § 9. ANNOTATIONS Repeals. — Laws 2021, ch. 5, § 9 repealed 6-32-6 NMSA 1978, as enacted by Laws 2020 (1st S.S.), ch. 6, § 6, relating to small business technical assistance, service providers, effective March 3, 2021. For provisions […]
A. Prior to October 1, 2021 and each October 1 for the proceeding four years, the authority shall submit a report to the legislature, the legislative finance committee, the New Mexico finance authority oversight committee, the revenue stabilization and tax policy committee and any other appropriate legislative interim committee. The report shall provide details regarding […]
