1. A. The "small business recovery loan fund" is created in the authority. The fund consists of appropriations, gifts, grants, deposits, transfers and donations to the fund. Money in the fund is appropriated to the authority to administer the provisions of the Small Business Recovery and Stimulus Act. The authority shall administer the fund. Balances remaining in the fund as of December 31, 2023 and not identified by the authority as necessary to administer the Small Business Recovery and Stimulus Act over the life of the loans provided pursuant to that act shall revert to the severance tax permanent fund. The authority may expend no more than two percent of the state investment council's commitment pursuant to Section 7-27-5.15 NMSA 1978 for administering the Small Business Recovery and Stimulus Act.
2. B. On March 3, 2021, the authority and the state investment council shall coordinate to develop a funding schedule to ensure that sufficient funding, as provided for in Section 7-27-5.15 NMSA 1978, is made available to the authority to carry out the provisions of the Small Business Recovery and Stimulus Act.

History: Laws 2020 (1st S.S.), ch. 6, § 3; 2021, ch. 5, § 3; 2022, ch. 25, § 1.

ANNOTATIONS

The 2022 amendment, effective May 18, 2022, extended the reversion date of unencumbered money in the Small Business Recovery Loan Fund; in Subsection A, after "December 31", deleted "2022" and added "2023"; and in Subsection B, deleted "Upon the effective date of this 2021 act" and added "On March 3, 2021".

The 2021 amendment, effective March 3, 2021, extended the deadline for balances in the fund to revert to the severance tax permanent fund, changed the amount that the New Mexico finance authority may expend for administering the Small Business Recovery and Stimulus Act, and changed “Small Business Recovery Act of 2020” to “Small Business Recovery and Stimulus Act" throughout; in Subsection A, after "remaining in the fund", deleted "at the end of fiscal year 2022" and added "as of December 31, 2022 and not identified by the authority as necessary to administer the Small Business Recovery and Stimulus Act over the life of the loans provided pursuant to that act", after "expend no more than", changed "one" to "two", and after "percent of the", deleted "balance of the fund" and added "state investment council's commitment pursuant to Section 7-27-5.15 NMSA 1978"; in Subsection B, after "effective date of this", changed "2020" to "2021", after "Section", deleted "10 of this 2020 act" and added "7-27-5.15 NMSA 1978".