Today, PNM, the state’s largest energy company, announced it would help New Mexico small-businesses by providing them tools to navigate through COVID-19 federal financial help and get them the assistance small-businesses need. PNM announced last month that it has paused disconnection of electricity service due to nonpayment during this pandemic for customers in dire need, and encouraged small businesses to pay what they can, but many small businesses are looking to PNM for guidance on how they can prepare long-term for covering their business expenses.
“Small businesses especially have had to make some tough decisions during the COVID-19 pandemic and many are in need of a quick infusion of capital to cover expenses,” said Pat Vincent-Collawn, PNM chairman, president, and CEO. “New Mexico small businesses need to take advantage of the federal stimulus now, and PNM is standing by to help small business owners.”
Under the federal Coronavirus Aid, Relief, and Economic Security Action (CARES Act), small businesses with up to 500 employees will see financial relief if they are not able to make their utility payments now but are worried about how they will pay for it later. The federal stimulus allows for small businesses to pay their employee salaries, paid sick and medical leave, insurance premiums and utilities as well as residential relief with mortgage interest, rent, and utility payments. Up to $10,000 would be provided as economic relief to businesses that are currently experiencing a temporary loss of revenue. Federal funds would be made available within three days of a successful application and would not have to be repaid.
PNM urges New Mexico small businesses to apply for this federal relief and stimulus package as soon as possible. While applying for this loan, small businesses will need to provide some proof of various things, including a copy of their most recent PNM bill, and PNM wants to help provide the tools for small businesses to get what they need. The federal relief is on a first come first serve basis with more information available through the U.S. Small Business Administration.
PNM does more than keep the power on, it helps small businesses power through tough economic times too. Small businesses look to PNM as a resource and the utility feels a responsibility in helping them find the federal, state, and local financial support they need to make it out of this pandemic and still operate their business successfully.
PNM understands the concerns around this very serious topic and has options to help customers through difficult times. The safety of PNM employees and our ability to serve our customers is of the utmost priority for PNM. The company has readiness protocols in place and will continue working to ensure business continuity and serving New Mexico communities and businesses. For more information on what PNM is doing to help, visit pnmforwardtogether.com/covid19bizhelp.