Coronavirus Aid, Relief, and Economic Security (CARES) Act — Paycheck Protection Program

As of April 24, the Federal Government has appropriated an additional $310 billion to the Paycheck Protection Program. Nusenda can now resume processing new applications to the Small Business Administration.


The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed to provide emergency relief for small- to medium-sized businesses disrupted by COVID-19. The Act created the Paycheck Protection Program (PPP), which will serve as an extension of the Small Business Administration (SBA) 7(a) loan program, allowing financial institutions to provide federally-backed, forgivable loans to eligible businesses.


What this Means: In an effort to assist our members, we are now accepting new Paycheck Protection Program loan applications and processing them with the SBA.


Eligibility Information: Due to an unprecedented volume of Paycheck Protection Program loan requests, you must be a Nusenda member and a New Mexico resident in order for us to assist you with the Paycheck Protection Program at this time. Remember, applying with Nusenda does not guarantee funding as the appropriation from the Federal government for this program is limited.


Application Process Details

Below are the steps you should take to begin the application process.


1. Please register your information using the link below to note your interest, and we will contact you as soon as our systems are ready to process the application.



2. Select and review the appropriate pre-application below to determine your eligibility and to gather the appropriate documents.


3. Check your inbox for an email from Nusenda, notifying you of your business’ next steps in this process. The communication will be sent to the email address you submitted. Please check your SPAM/Junk email folder for your Nusenda email as well.


Loan proceeds may only be used for specific expenses:

  • 75% of the proceeds must be used for payroll costs.
  • 25% of the proceeds may be used for group healthcare benefits, utilities, mortgage interest, rent/lease payments, interest on existing debt, and other approved efforts to retain employees.

You must maintain detailed records of how the proceeds from your loan are used. Please review our pre-application information for allowable uses and recommended supporting documentation for your forgiveness application.


Requirements and Required Documents
Paycheck Protection Program Provisions

Economic Injury Disaster Loan Deposits

 

The SBA’s Economic Injury Disaster Loan (“EIDL”) provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic. Please note: the EIDL funding is separate from Paycheck Protection Program funding, and is administered through the Small Business Administration, not your financial institution. Learn more about EIDL by visiting the SBA website.

The EIDL program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.

If you have a received a deposit transaction that looks like this:

EIDL deposit


This is your EIDL loan advance. Amounts vary up to $10,000.

Please visit the SBA site for updates in EIDL funding.

While we are working to provide services to as many eligible Nusenda Business members as possible, please understand that applying does not guarantee a loan, as the SBA has limited funds available for this program. We urge you to investigate all possible avenues for this SBA loan program, as well as business assistance programs through local, state, and national agencies.


Additional Funding Resources