ABQ approves additional $10 million in business aid

ABQ approves additional $10 million in business aid

  • Post published:September 22, 2020
  • Post category:News

The Albuquerque City Council last night unanimously approved an additional $10 million in business grants to continue supporting local businesses struggling with the effects of COVID-19 hardships. The City had originally proposed $3.4 million in business grants under Mayor Tim Keller’s budget for 2021. Under Keller’s plan the city would have earmarked all of the remaining $150 million in federal CARES Act relief money for payroll or COVID-19-related programs.  City councilors agreed however that it was possible to allocate the $10 million by pulling funds from other programs and cutting into the Mayor’s “contingency” fund of $40 million. 

Councilor Brook Bassan noted that 1,400 business had applied for the city’s “microbusiness” grant fund but that there was only funding available to assist 150 of those requests. With the newly approved $10 million though, businesses with 50 or fewer employees can apply for grants of up to $10,000. Under those stipulations the $10 million that’s soon to be available will be able to benefit at least 1,000 businesses. The bill ultimately passed 9-0. For more information Click HERE.