NM HB237

Creates the Small Business Disaster Relief Program to provide grants to small businesses in governor-declared disaster areas that lack FEMA funding or insurance reimbursement, with grants available starting July 1, 2026

Grants may cover operating expenses (payroll, rent, mortgage, utilities, insurance), property repair or replacement, and other disaster-related business expenses

Applications must include business description, disaster impact, employee count, financial statements, and demonstration of how funds will be used for eligible purposes

Economic Development Department administers the program through competitive review, with priority given to businesses with greatest financial need, and must report annually to the Legislative Finance Committee by December 1

Appropriates $1,000,000 from the general fund to the newly created Small Business Disaster Relief Fund for FY 2027 and subsequent years, with unexpended balances remaining nonreverting