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New Mexico Senate endorses $200 million for business grants

SANTA FE, N.M. (AP) — The state Senate has endorsed a bill that would provide $200 million from the state general fund to thousands of businesses that experienced income declines in 2020 on a 41-1 vote.

Endorsed Friday, the bill would provide individual grants of up to $100,000 without repayment to businesses for the reimbursement of rent, lease or mortgage obligations on property located in New Mexico. The bill returns to the House for consideration of Senate amendments.

The proposal from Democratic House Speaker Brian Egolf and allied state Rep. Christine Chandler of Los Alamos stands among a long list of bills aimed at reviving the local economy as New Mexico emerges from the pandemic.