HOUSE DEMOCRATS NEWS
House Bill provides COVID-19 relief to small businesses and attracts new companies to NM
This morning, a House Democratic $200 million relief package targeted at New Mexico’s small businesses passed the House Taxation and Revenue Committee. It will be heard next on the House Floor.
House Bill 11, sponsored by Representative Christine Chandler (D-Los Alamos) and Speaker of the House Brian Egolf (D – Santa Fe), invests $200 million in direct relief to New Mexico’s small businesses who’ve struggled to keep their doors open and payroll going amid the COVID-19 pandemic.
“Through House Bill 11, we have a creative and innovative way to get hundreds of millions out the door in direct support for New Mexico’s small businesses,” said Rep. Chandler. “In addition, this bill creates a sustainable way to attract, retain, and expand new and existing businesses, which is critical to our state’s economic diversification and recovery.”
“What we are doing with House Bill 11 is a two-pronged approach to keep small businesses open, and invest in our state’s economic future,” said Speaker Egolf. “This pandemic requires outside-the-box thinking to overcome challenges and create opportunities. A major focus of this legislative session is economic recovery and this bill is central to that effort.”
Under House Bill 11, qualifying small and medium-sized businesses can access up to $100,000 in quarterly disbursements to be used for rent, payroll, and equipment-related costs. House Bill 11 also creates a sustainable way to continually invest in Local Economic Development Act projects, attracting large businesses to come to New Mexico in addition to retaining and expanding existing businesses by directing up to 75% of GRT from large Local Economic Development Act projects back into the program.
HB 11 passed the House Taxation and Revenue Committee with an 11-1 vote and will head next on the House floor.
Members of the public can track legislation on the New Mexico Legislature website, access committee meetings, and House floor sessions via the Webcasts tab, or participate by Zoom to provide public comment on committee hearings. During the 2021 Legislative Session, the House of Representatives is focused on passing critical legislation while protecting the health and safety of the public, the staff, and the legislators.