Gov. Lujan Grisham signs Senate Bill 2, delivering another boost for hard-hit businesses
“Waiving these fees is another way of delivering much-needed support for the businesses that have faced inordinate challenges throughout this incredibly challenging year,” said Gov. Lujan Grisham. “The food and beverage industry is a key piece of our economy, and these businesses anchor so many of our communities – and as we continue to move ever closer to ending the worst of this pandemic, I am confident this state support will help as they bounce back as quickly as possible. I’m grateful to the Legislature for all of their quick work on this and other essential pandemic relief measures.”
Senate Bill 2 waives the next annual fee for renewed liquor licenses and for all new licenses issued in 2021. License fees can range as high as several thousand dollars annually. It is estimated the waivers will save businesses in New Mexico roughly $3.5 million in total.
Senate Bill 2 was sponsored by Sen. Brenda McKenna, Sen. Jacob Candelaria, Sen. Liz Stefanics and Rep. Matthew McQueen.
This latest pandemic relief measure signed into law by Gov. Lujan Grisham complements additional economic stimulus efforts from the state, including:
- $200 million in small business grants through the Local Economic Development Act
- A revamped recovery loan fund, making available an additional $500 million to small businesses with very low borrowing costs and no payments due for the first year
- A four-month Gross Receipts Tax holiday for food and drink establishments, saving those businesses an estimated $90 million
- A $600 personal income tax rebate for the thousands of New Mexicans claiming the Working Families Tax Credit, sending an estimated $110 million into the state economy through the many front-line workers earning $15 an hour or less