CARES Act Small Business Grant Program
The Rio Rancho CARES Act Small Business Grant assists Rio Rancho small businesses forced to close or severely curtail business operations because of closure orders from the State of New Mexico due to COVID-19. 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. Grant awards will be increased up to $30,000 for businesses with enough in substantiated expenditures.
The firm deadline for small business owners to apply is November 16, 2020.
Please click here and review the information below to learn about the requirements.
- 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. Must be a Rio Rancho small business with 100 or fewer full-time equivalent employees. (Note: Original maximum caps were $2 million and 50 or fewer full-time 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).
- Other expanded eligibility criteria from the State of New Mexico as Oct. 28, 2020:
- Businesses with a start date after March 1, 2019 may be considered but still should be able to determine loss of revenues. Local entities will be responsible for protecting against fraud and abuse. (Note: Original guidance stipulated a business had to have initiated operations prior to March 1, 2019.)
- Businesses that did not close or curtail their business operations but have expenditures showing necessary modifications were made to curb the spread of COVID-19 can be reimbursed for those expenditures.
- Non-profits are eligible for this funding, however, most can only receive funding for business redesign to include reconfiguring physical space, installing plexiglass barriers, purchasing web-conferencing or other technology to facilitate work-at-home, PPE for employees and temporary structures to mitigate the spread of Covid-19. The non-profits must show loss of revenues to be eligible for other expenditures such as payroll, mortgage/rental relief, utilities, insurance and marketing.
- Proceeds must be spent on eligible “business continuity” expenses, defined by the State of New Mexico as “non-owner employee payroll, rent, scheduled mortgage payments, insurance, utilities, or marketing.”
- In addition, the business may qualify for additional funding for “business redesign” expenses necessary to adopt COVID Safe Practices. Defined by the State of New Mexico as “reconfiguring physical space, installing plexiglass barriers, purchasing web-conferencing or other technology to facilitate work-at-home, temporary structures to mitigate the spread of Covid-19 or PPE for employees.”
- Expenditures must have been or be incurred due to the public health emergency or actions taken to respond to the public health emergency.
- Eligible and reimbursable expenditures will have occurred or shall occur during the period of March 1, 2020 through December 30, 2020.
- There shall be no duplicity of benefits if the Grant Awardee also received CBDG Small Business Assistance, EIDL, PPP and/or other Federal program. Duplicity of benefits means that funds shall not be used for the same purpose in the same period.
- Click here to download and complete the application.
- Applications will be reviewed and scored at the conclusion of the initial application window.
- Applications will be reviewed for completeness and eligibility verification and then scored.
- The City will make an effort to notify applicants of incomplete or missing materials; however, given the anticipated demand for the program, it is important the applicant ensures a complete application package. Please refer to the application checklist.
- All of the information submitted for City review must be signed and dated. Original copy of all certifying documents with original signature must be submitted with application packet; electronic signatures will not be accepted. Funds will not be disbursed until all documentation is received and the grant agreement has been executed.
- If there are funds remaining after making grant awards from the initial application window, the City will open a second round that will be awarded on a rolling basis until the funds are depleted.
- The City will adhere closely to the Federal and State CARES Act guidance and instructions. Program guidelines are subject to change and updates if Federal or State Governments issue revised guidance or instructions on CARES Act Funding usage.
- The City reserves the right to modify program guidelines based on the actual amount allocated by the State of New Mexico to Rio Rancho, the number of grant applications received and other factors that may influence the implementation of the grant program.
- The grant award will be on a reimbursement basis. Grant awards will up to $10,000.
- The Grant Awardee must submit a “Reimbursement Request Form.” Full reimbursement of the grant award in one installment will be preferred; however, the City will try to accommodate requests for multiple installments.
- The reimbursement request must clearly substantiate how the funds were spent as evidenced through invoices, receipts, cancelled checks or copies of bank statements, or any other documentation requested by the City.
- Businesses shall submit all documentation for eligible expenditures to receive reimbursement.
- Reimbursement requests will be submitted to the City of Rio Rancho online or in-person.
- Grant Awardees will be required to complete a short “grant impact” tracking report.
- Refer to the City of Rio Rancho CARES Act Small Business Grant Reimbursement Request Form (click here for Excel version)