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Legislation Delivering Relief to Thousands of New Mexico Workers and Businesses Signed into Law

FOR IMMEDIATE RELEASE

DATE:  March 3, 2021 Contact: Chris Nordstrum Email: chris.nordstrum@nmlegis.gov Phone: 415.601.1992

Economic recovery measures provide needed relief to working families, restaurant industry, and small businesses

(Santa Fe, NM) – Today, Governor Lujan Grisham signed two more economic recovery bills, bringing relief to working families, New Mexico’s hard-hit restaurant industry, and providing additional and expanded loan assistance to small businesses across the state.

Senate Bill 1 creates a new $600 income tax credit for individuals earning up to $31,200 (or married filing jointly with adjusted gross income of $39,000 or less) who claim the working families tax credit. It also allows certain restaurants and bars to keep the state gross receipts taxes they collect for the period between March 1, 2021 through June 30, 2021.

“Economic assistance for essential workers and New Mexico businesses hit hardest by the pandemic has been a top priority this session,” said Senate Bill 1 sponsor Senate Majority Leader Peter Wirth (D-Santa Fe).  “Senate bill 1 provides immediate relief in these unprecedented times when so many have been facing incredible hardships. I’m thankful for Governor Lujan Grisham’s leadership and feel confident that much better days are ahead for New Mexicans as we navigate our way out of this health crisis.”

“Back in November we had wide agreement in the legislature that low-wage earning New Mexicans, many of them working on the front lines during this horrific pandemic, were in need of economic support,” said bill co-sponsor Senator Jacob Candelaria (D-Albuquerque). “The income tax credit provided for in SB1 is our vehicle to do just that. Putting money into the pockets of some of our hardest working, most deserving families will help put food on tables, rents paid, and money back into our economy.”

“New Mexicans have really been pulling together and working hard to get the worst of this pandemic behind us,” said bill co-sponsor Senator Siah Correa Hemphill (D-Silver City). “But many of our state’s great restaurants are just beginning their journey on the road to recovery. The temporary GRT deduction provisions in this bill will help our restaurants, and other food service businesses keep their doors open, their employees working, and get our economy growing again. I’d like to thank my co-sponsors for working with me on this legislation and thank Governor Lujan Grisham for signing this bill into law.”

Senate Bill 3 amends and extends the Small Business Recovery Act, passed during the June 2020 Special Session. The SBRA established a new loan program, managed by the New Mexico Finance Authority, to assist small businesses during the pandemic. The new measure extends the timeframe of the loan program until May of 2022, makes up to $500 million in funding available, and offers easier access and more favorable terms than the original plan. Loans could be used to make business improvements including those necessary due to the COVID-19 pandemic as well as other non COVID-related improvements to help grow a business’s e-commerce and sales capacity.

“Achieving a full economic recovery requires that we utilize every possible tool at our disposal,” said Senate Bill 3 sponsor Senator Jacob Candelaria (D-Albuquerque). “The Small Business Recovery Act enacted last year has proven to be an effective economic recovery tool, and we’ve now made it even easier for our small businesses to access these low-risk loans. Not only will these loans help keep business doors open, they can also be used for innovations that will better position New Mexico entrepreneurs for even greater growth as we get the economic engines running again.”

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