San Juan County Business Response Team talks latest CARES Act funding opportunities
FARMINGTON — The San Juan County Business Response Team discussed the latest CARES Act funding opportunities for local establishments Wednesday during a Facebook Live session.
Eligibility for the first draw of Payroll Protection Program money has been expanded to include 501(c)(6) nonprofits like local chambers of commerce, destination marketing organizations, housing cooperatives, newspapers, broadcasters and radio stations.
Expenses like software, human resources and accounting needs, supplier costs and personal protective equipment would be covered.
The second PPP loan draw is available to businesses that already received PPP money during the first draw. Those businesses must not exceed 300 employees and must demonstrate at least a 25% reduction in gross revenues between comparable quarters in 2019 and 2020. Those businesses also must use up the first draw of PPP money before receiving the second draw.
Additionally, the portal for economic injury disaster loans was extended until Dec. 31, 2021. Those particular funds are geared toward businesses in low-income areas that have no more than 300 employees and experienced a 30% reduction in gross receipts during any eight-week period between March 2, 2020 and Dec. 31, 2021.
SJCBRT includes representatives from the City of Farmington, San Juan College Quality Center for Business, San Juan College Small Business Development Center, Farmington Chamber of Commerce, Farmington Convention and Visitors Bureau, Four Corners Economic Development, San Juan County, WESST and the Manufacturing Extension Partnership.
The presentation was streamed on the City of Farmington’s Facebook page.
The program’s current budget is set at $284 billion, which also includes Shuttered Venue Operations Grant funding for entities like live venue operators, theatrical producers and museum operators. Those who receive SVO Grant funds are not eligible for a new PPP loan.
The deadline to apply for funding is March 31, or until Congressional appropriations expire.
For more information on funding, call 505-566-3528 or email email@example.com.
Matt Hollinshead covers sports and business for the Daily Times. He can be reached at 505-564-4577, firstname.lastname@example.org and on Twitter at @MattH_717.
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