The third and final round of the City of Albuquerque’s Small Business Relief Grants is about to open.
Small businesses located in Albuquerque and struggling due to the pandemic can apply to receive up to $10,000 from the City to help cover their bills. Earlier this fall, the City Council set aside $10 million for these grants; so far, according to the Albuquerque Journal, the Council has issued only 97 grants and approved another 42.
Eligible small businesses may receive one-time grants up to $10,000 to cover payroll, rent, utilities, inventory, other necessary business expenses, or other direct business losses due to the COVID-19 pandemic. The next round will open to receive applications on December 7, with a deadline of December 11.
Take note of these eligibility requirements:
- The business must have 50 or fewer full-time employees (two part-time employees will be equivalent to one full-time employee);
- Business must be registered, have their place of incorporation, and be physically located within the Albuquerque city limits;
- The business must have experienced financial hardship due to COVID-19;
- The business must have been in business for at least 1 year;
- Funds must be deposited into a business bank account and only be used for business expenses;
- Funds cannot be used to pay taxes;
- Business owners must provide summary of results of the grant after six months of receipt;
- Franchised businesses that are franchisor-owned will not be eligible for award;
- Franchises that are independently-owned and operated businesses registered within the state of New-Mexico are eligible for award subject to the remaining conditions of the program;
- Non-Profits are ineligible;
- Adult entertainment and adult retail establishments, nightclubs, bars and smoke shops will not be eligible for award.
Find more information on the City’s website here.