U.S. Department of Commerce Invests $2.24 Million in CARES Act Recovery Assistance to Support Economic Growth and Resiliency Efforts in New Mexico
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding $2.24 in CARES Act Recovery Assistance grants to help the state of New Mexico prevent, prepare for, and respond to coronavirus.
“EDA is committed to helping communities across New Mexico fight economic hardships brought on by COVID-19,” said Dennis Alvord, Acting Assistant Secretary of Commerce for Economic Development. “These EDA investments will provide critical gap financing to businesses and Northwest, New Mexico, and directly address the needs of medical centers and small businesses to ensure that they have the tools and resources needed to combat and recover from the pandemic.”
“The $2.24 million in CARES Act grants provides the people of San Juan, Cibola and McKinley counties with critical resources to endure and then recover from the devastating effects of the COVID pandemic,” said Governor Michelle Lujan Grisham. “The EDA money provides these communities with what they need most, and in a targeted and effective way, from financing in support of small businesses to upgrading the IT network to help expand the telehealth services and field operations of the San Juan Regional Medical Center which people from throughout the region depend on for their medical care.”
The EDA investments announced today are:
- San Juan County, New Mexico, will receive $1.25 million to supply emergency generators and make IT network upgrades for the San Juan Regional Medical Center in support of telehealth and field hospital operation projects being implemented to bolster the regional response to COVID-19. The project will be matched with $617,000 in local funds.
- Northwest New Mexico Council of Governments, Gallup, New Mexico, will receive $990,000 to capitalize a Revolving Loan Fund (RLF) to address the economic development needs of small businesses and entrepreneurs adversely affected by the pandemic in Cibola, McKinley, and San Juan counties. The project is expected to create 100 jobs and retain 100 jobs.
This project is funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136 PDF), which provided EDA with $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus. EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) (PDF) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.