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Micro-Business Relief Program Frequently Asked Questions

Micro-Business Relief Program Frequently Asked Questions

What are the eligibility requirements?

Candidates must meet the following criteria:

  • The business must have 5 or fewer employees, including the owner/s.
  • The business must be registered and physically located within the Albuquerque city limits.
  • The business must have experienced financial hardship due to COVID-19.
  • The business must have been in business for at least 6 months.
  • Grant funds must be deposited into a business bank account and only be used for business expenses. The City of Albuquerque will make electronic deposits.
  • Business owners must agree to provide a report about the use and results of the grant funds six months after receipt.
  • Businesses that are franchises or restricted to patrons above the age of 18 or older will not be eligible for award (for example, bars or smoke shops).

What businesses are NOT eligible to apply?

  • Businesses with six or more employees.
  • Businesses located outside the Albuquerque city limits.
  • Businesses that have not been registered with the City and operating at least 6 months.
  • Businesses that are franchises or restricted to patrons above the age of 18 or older will not be eligible for award (for example, bars or smoke shops).

Up to what amount of money can a business apply?

Grants will be awarded in an amount up to $5,000.

What documents are required?

  • Articles of Organization, Articles or Incorporation or a Signed Operating Agreement or 2018 or 2019 Tax Returns Showing Ownership of the Business
  • A copy of a city issued Business License
  • Completed payroll spreadsheet showing number of employees, hourly wage, and employment status (full or part time) for most recent payroll period
  • Financial documents demonstrating revenue decrease due to COVID-19 (2020 Q1 and/or Q2 YTD Profit and Loss and Balance Sheet or business bank statements, if financial statements are not available, and 2019 financial documents for comparison), if awarded
  • Completed payroll spreadsheet showing number of employees, hourly wage, and employment status (full or part time) for most recent payroll period
  • Business owners must submit a copy of personal identification (e.g., driver’s license), proof of most recent address, and references for fraud prevention measures
  • A completed Form W-9, if awarded
  • Voided check of business account for deposit purposes or electronic funds transfer instructions, if awarded

For what expenses can the grant be used?

Grant money may only be used for the operating expenses of the awarded business. The operating expenses are defined as the day-to-day operations of the business such as covering payroll and rent.

Can I apply for more than one relief grant?

No, the program is limited to one grant per registered business.

Where must businesses be located to be eligible to apply?

The program will be available to all businesses registered and located within the Albuquerque city limits meeting the eligibility requirements.

Why must I agree to share financials and what is included in the final report?

City regulations require that the business provide proof of loss of revenue due to a destabilizing event. The report will include number of employees at time of grant receipt, number of employees six months later, and how the funds were used.

Who set restrictions for the City of Albuquerque COVID-19 Micro Business Relief Program?

The City of Albuquerque Economic Development Department