In this section

CARES Act Relief

To ensure increased access to PPP for minority, underserved, veteran, and women-owned business concerns, SBA is undertaking the following steps, among others:

  • When the PPP First Draw and then the PPP Second Draw loan portal re-opens, the initial launch will accept loan applications first from Community Financial Institutions (CFIs). CFIs include Community Development Financial Institutions, Minority Depository Institutions, Certified Development Companies, and Microloan Intermediaries.
  • Lender Match will direct borrower inquiries to these mission-based lenders, who generally assist the underserved communities.
  • SBA will continue setting aside dedicated hours to process and assist our smallest PPP lenders with their PPP loans.​

US SBA Logo 

This program is administered by the U.S. Small Business Administration.

When you are ready to apply, visit

Paycheck Protection Program (PPP) Loan


  • Starting February 24, for a 14-day period, only businesses with fewer than 20 employees can apply for relief through PPP.
  • Tentative elimination of restriction preventing small business owners with prior non-fraud felony convictions from obtaining relief through PPP.
  • Tentative elimination of restriction preventing small business owners who are delinquent on their federal student loans from obtaining relief through PPP. 
  • SBA will issue clear guidance that otherwise eligible applicants cannot be denied access to the PPP for using ITINs to pay taxes.

1st Draw

Open until March 31 Size standards, eligibility criteria, and certain limitations for the original CARES Act PPP Loan are applicable including 60% must be for payroll to qualify for forgiveness - changes: 

  • Expands eligibility includes 501(c)(6) nonprofits, such as local chambers of commerce, destination marketing organizations, housing cooperatives, newspapers, broadcasters, and radio stations.

  • Expands covered expenses to include software, cloud computing resources, and human resources and accounting needs, as well as property damage costs due to public disturbances not covered by insurance, supplier costs & purchase of personal protective equipment.

  • Includes set-asides to support first-time PPP borrowers with 10 or fewer employees. Additionally, provides for a set-aside for loans made by community lenders.

  • A simplified loan forgiveness application form consisting of a one-page certification that requires the small business to list the loan amount, the number of employees retained and the estimated total spent on payroll costs for loans $150,000 or less.

  • You may qualify even if you took advantage of the Employee Retention Tax Credit (more later).

  • Borrower now has the option to select a covered period during which they can use PPP loan proceeds anytime between 8 and 24 weeks after disbursement.


Who Can Apply

  • Business entities (e.g., partnerships, corporations, LLCs)

  • Sole proprietors, independent contractors, self-employed individuals

  • 501(c)(3)

  • 501(c)(6)

  • 501(c)(19) Veterans organization

  • Tribal business, and

  • Housing cooperatives, destination marketing organizations, and eligible news organizations.

  • Must comply with size standards, eligibility criteria, and certain limitations.



  • Covered expenses for loan forgiveness expanded as stated with 1st Draw

  • Repealed the previous CARES Act provision that required small businesses to deduct any Economic Injury Disaster Advance grants from PPP loan forgiveness.

  • Overrides IRS ruling that barred small businesses from deducting from their taxes expenses paid with PPP loans.

  • Employers can now also receive both the Employee Retention Tax Credit and a PPP loan, just not to cover the same payroll expenses.

  • Reapplication may be an Option


New Applicants

  • Eligible applicants that did not receive a PPP loan prior to August 8, 2020, will now have the ability to apply for a PPP First Draw Loan on or before March 31, 2021.

  • Eligibility for PPP loans has been revised to include additional types of entities.

  • Covered eligible expenses expanded and now includes the following: payroll costs, rent, mortgage interest, utilities, operations expenditures, property damage costs, supplier costs, and worker protection expenditures.

  • Certain borrowers may request an increase to their original PPP loan amount.




2nd Draw

  • Eligibility for the PPP second draw - have no more than 300 employees and demonstrate at least a 25 percent reduction in gross revenues between comparable quarters in 2019 & 2020.

  • Establishes a maximum loan size of 2.5X average monthly payroll costs, up to $2 million. Allows small businesses assigned to the industry NAICS code 72 (Accommodation and Food Services) to receive PPP second draw loans equal to 3.5X average monthly payroll costs. PPP –2nd Draw 9

  • Borrowers receive full loan forgiveness if they spend at least 60 percent of their PPP second draw loan on payroll costs over a time period of their choosing between 8 weeks and 24 weeks.

  • Includes set-asides to support second-time PPP borrowers with 10 or fewer employees. Additionally, provides for a set-aside for loans made by community lenders.

  • Eligible borrowers that previously received a PPP First Draw Loan may apply for a PPP Second Draw Loan of up to $2 million with the same general loan terms as their PPP First Draw Loan.

  • For most borrowers, the maximum loan amount of a PPP Second Draw Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million.

  • For borrowers in the Accommodation and Food Services sector (NAICS 72), the maximum loan amount for a PPP Second Draw Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.

  • PPP Second Draw Loan applicants must use the new SBA Form 2483-SD Borrower Application.


Who Can Apply

  • Was eligible for and previously received a PPP First Draw Loan;

  • Has or will use the full loan amount only for eligible expenses before the PPP Second Draw Loan is disbursed;

  • Has no more than 300 employees; and

  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.




Economic Injury Disaster Loan (EIDL)

Portal extended until December 31, 2021

  • Terms - 3.75% for businesses and 2.75% for nonprofits for 30 years
  • Use for working capital & normal operating expenses
  • The original amount was up to $2 million and then it was capped at $150,000 (stay tuned on this for SBA guidance)
  • EIDL Advance Grants reopened with $20 billion in funding for $10,000 grants.
  • The $10,000 advance grant is targeted for small businesses with no more than 300 employees, located in low-income communities, who have experienced a 30% reduction in gross receipts during any 8-week period between March 2 and December 31, 2021, relative to a comparable 8-week period immediately preceding March 2, 2020, or during 2019; or if the covered entity is a seasonal business concern, such other amount determined appropriate by the SBA Administrator.
  • If a business qualifies and earlier received an EIDL grant less than $10,000 they can reapply to receive the difference (may occur automatically by the SBA).
  • Extends covered period for emergency EIDL grants through December 31, 2021.


  • SBA will no longer deduct EIDL advances from forgiveness payment.
  • If a lender has already received a forgiveness payment net of an EIDL Advance, SBA will provide a reconciliation payment to lender to be applied to the outstanding loan balance.


Employee Retention Tax Credit (ERTC)

Significantly expands the ERTC beginning on January 1, 2021 and expires on June 30, 2021 (good for 2 quarters)

  • The new credit is 70% on $10,000 in wages per quarter or a maximum of $14,000 per employee through June 30th ($7,000 each quarter).
  • Eligibility is now expanded to include employers who experienced a decline of more than 20%.
  • In addition, the employee cap under which it is easier to claim the tax credit has been raised to 500 employees from the earlier 100 employees.
  • Employers can now receive both the ERTC and a PPP loan, just not to cover the same payroll expenses.
  • Employers can now receive both the ERTC and a PPP loan, just not to cover the same payroll expenses. 

  • Reference the ERTC details at the following link but also be sure to talk to your accountant to help you investigate this with you.

Learn More

Shuttered Venue Operations Grant (SOS)

  • Applications are expected to open on April 8, 2021. Stay up to date by frequently visiting For the latest information contact directly via e-mail, or call the New Mexico SBA district office; (505) 248-8225.
  • For eligibility requirements please visit Shuttered Venue Operators Grant Eligibility Requirements (
  • SVOG applicants need to register with the federal government’s SAM at to apply and cannot use an ITIN, EIN, or other means of identification or registration. Interested parties are encouraged to obtain a Dun and Bradstreet (DUNS) number (a prerequisite for SAM registration) as soon as possible. With a DUNS number, interested parties then should immediately begin registering in, as the SAM registration may take up to two weeks once submitted.
  • $1.25 billion additional funds for the Shuttered Venue Operators Grant program with the new allowance that entities can apply for both PPP and SVOG for a net award.
  • Eligibility: Live venue operator or promoter, theatrical producer, or live performing arts organization operator, a museum operator, a motion picture theatre operator, or a talent representative who has experienced at least a 25% reduction in gross earned income.
  • Business must have been in operation as of February 29, 2020.
  • Grant offers up to $10 million or 45% of 2019 gross earned income, whichever is less, based on significant 2020 revenue losses.
  • Recipients who receive an SVOG in the initial phase will have 1 year from the date their awards are disbursed by the SBA to use grant funds. If an eligible entity receives a Supplemental Phase SVOG, they will instead have 18 months from the date their Initial Phase award was disbursed by the SBA to expend all their combined grant funds (both Initial and Supplemental Phase awards). At the end of the applicable deadline, SVOG grantees must return all unexpended SVOG funds to the SBA.
  • Dispersal of the award will be in the form of a single lump sum while others will be spread out over multiple payments. SVOGs under $1 million will be disbursed in 1 or 2 installments. Awards for larger amounts will be disbursed in 2 to 4 installments. 
  • Use of funds can be used to: refund customers still holding tickets for canceled performances, reimburse an owner who put their own money into the entity to keep employees and operating expenses paid, reimburse themselves for allowable expenses they already paid going back as far as March 1, 2020, pay artist deposits and guarantees.
  • For employee count, the SBA is drawing on the Economic Aid Act’s specific provisions re: the calculation of employees and decades of agency experience in counting employees under the SBA 20. An entity’s average number of full-time employees will be determined with reference to each pay period that falls, either in whole or in part, within the 12-month timeframe stipulated by the Economic Aid Act.




Other SBA Loans

  • Temporarily enhances terms of the 7(a) loan program - loan guarantee to increased to 90%, reduced or no fees for the borrower and the lender. Additionally, temporarily increase the 7(a) express loan limit and loan guarantee.
  • Temporarily eliminates fees for the 504 loan program and offers favorable terms for refinancing loans.
  • Increases aggregate loan limit for microloan intermediaries in order to increase capacity to make loans to underserved and underbanked borrowers.
  • Extends the Small Business Debt Relief program, which would defer payments of principal and interest on new and existing SBA 7(a), 504, and Microloan programs for eligible entities.



For those opting into the White House’s employee-side payroll tax deferral, the repayment deadline has been extended from April 2021 to December 31, 2021, lengthening the repayment period for those taxpayers.

  • You can now defer your employer’s share of social security taxes through March 2021 and pay those amounts back as late as the end of 2022.
  • Work Opportunity Tax Credit extended to 2025 - Qualified Long-term unemployment recipient
  • Talk to your Accountant and/or Bookkeeper for this and other tax provisions.



  • The Paycheck Protection Program resumed January 11, 2021 with the application window open through March 31, 2021. Meet with your Bank/Lender as soon as possible.

  • The New Mexico SBA district office; (505) 248-8225 can help connect you to one of their SBA resource partners which include the SBDC Network, WESST (Women’s Business Center Program for New Mexico), SCORE (3 chapters), and the Veterans Business Outreach Center (VBOC) experts who are standing by to assist you. That’s what they are all here for.


    New Mexico SBA District Office

    SBA Network Sign Up/In

    WESST Consulting & Training

    SCORE Business Mentoring Hub

    Veterans Business Outreach Center

  • Go to, click on “Find Lenders” to request a lender or call the SBA PPP Lender Hotline: 1-833-572-0502.

    Find a Lender Today


  • An independent contractor or sole proprietor will itself be eligible for a loan under the PPP, if it satisfies the applicable requirements. Refer to for complete eligibility criteria.

    Learn More

  • Contact your lender directly.

  • Business owners and contractors do NOT qualify as employees.

    Both full-time and part-time employees are considered.

    No, contractors are not considered employees. Your employee count would include both part-time and full-time employees. Use your schedule C, line 31, divide by 12, multiply by 2.5 for your loan amount.

    Note: your contractors may be able to apply as a sole proprietor as well if they meet all eligibility criteria.

  • Access the Second Draw PPP Loan guide for “How to Calculate Revenue Reduction & Maximum Loan Amounts, Including What Documentation to Provide” here:

    PPP Loan Calculation Guide

  • Community Financial Institutions include the following organizations:

    • Community Development Financial Institutions,
    • Minority Depository Institutions,
    • Certified Development Companies, and
    • Microloan Intermediaries

    How do I know if my institution is a CFI?

    If “Lender Location Enabled for Origination in Etran” is checked in Institution Settings, your institution is an enabled CFI (see example below).

    My institution is not a CFI. What am I enabled to do in the Platform now?

    Organization admin users can begin to add users in the Platform and review new and updated materials on the Resource tab in the Platform.

    Here in New Mexico, there are two CDFIs; Dream Spring 1-800-508-7624 and LiftFund 1-888-215-2373. They are non-profits that target lending to the most in-need communities and business owners who may not have a banking relationship.

    New Mexico CDFI - Dream Spring

    New Mexico CDFI - LIftFund

  • The Small Business Development Center (SBDC) is not designed to support 501c3 organizations, but if you are a 501c3 and need help, call a SBDC counselor and we will put you in touch with the right assistance.

    Tourism business counselors through SBDC are also available to provide guidance and recommendations to business owners that need assistance with the application process. These business counselors are available Monday - Friday, 9:00 am - 4:00 pm.

    Northern New Mexico - (505) 300-2781

    Southern New Mexico - (575) 800-0345

  • If the entity is one of the following affected by Coronavirus (COVID-19) may be eligible:

    • Sole proprietors, independent contractors, and self-employed persons
    • Any small business concern that meets SBA’s size standards (either the industry size standard or the alternative size standard)
    • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
      • 500 employees, or
      • That meets the SBA industry size standard if more than 500
    • Any business with a NAICS code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
  • If you are working with the same lender, they will have what you previously submitted so you will not have to resubmit that information.

  • The SBA is actually covering the ‘behind the scenes’ fees or costs which helps incentivize the lenders' participation in the PPP. Ideally, the lender wants you to use all of the funds available for the intended purposes which are 60% or more for payroll and 40% or the remaining for other operating costs. Anything that is not forgivable, the lender will service at 1% for 5 years. But the hope is for the business to ensure and realize full forgiveness.

  • Lenders provide ‘how to apply for PPP loan forgiveness’ on their websites.

  • There is a map available here on the SBDC website. In the top left corner of the map enter your business address, city, county, state, zip code.

    SBDC Low-Income Area Map




US SBA Logo 

This program is administered by the U.S. Small Business Administration.

When you are ready to apply, visit