‘Roadmap’ lays out recommendations for economic recovery
Key proposals focus on tourism, infrastructure and economic development
SANTA FE— Gov. Michelle Lujan Grisham’s Economic Recovery Council released its recommendations for recovering jobs lost to the ongoing pandemic and for priming the state to thrive in a post-COVID economy.
Among the key proposals laid out in the publication ‘Roadmap to Recovery’ are setting aside 50% of Severance Tax bonding capacity in 2021 to expand broadband throughout New Mexico; overhauling the $400 million Small Business Recovery Loan program to make it accessible to more businesses; and approving the Governor’s call for a $25 million special appropriation to the New Mexico Tourism Department to kickstart recovery in the hard-hit sector.
“We recognize that the Governor and Legislature have a difficult legislative session ahead of them and will need to prioritize due to budget and other constraints,” said Council Chairwoman Christina Campos. “The ideas laid out in this report offer them a meaningful menu of options for economic relief and recovery for both the near term and future.”
The Council’s report also proposes expanding existing economic development programs; extending the tax penalty and interest relief granted under HB6; increasing the share of state contracts awarded to New Mexico businesses through procurement reform; and amending the Liquor Control Act to allow for takeout or delivery of alcohol.
The full report can be found online here.
“I want to thank the Economic Recovery Council for the long hours and hard work they have put in to help New Mexico overcome the financial challenges imposed by this pandemic,” said Gov. Michelle Lujan Grisham. “This new report certainly gives us food for thought on how to move forward.”
“COVID-19 has taken its toll on businesses around New Mexico, especially those in leisure and hospitality. So, we know those businesses will need more help in the short term,” said Recovery Council Chairwoman Christina Campos. “We also know that the pandemic will have lasting effects on workplaces and the economy in general. We need to be ready for that.”
The Economic Recovery Council was appointed by Gov. Lujan Grisham in April 2020 to advise her on how to safely reopen New Mexico’s economy. It is composed of business and labor leaders representing a variety of industries from around the state.