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Stronger than the pandemic: Few, if any, NM startups failed in latest downturn

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The Lobo Rainforest building was largely empty during the pandemic, but Rainforest Innovations maintained programming online. (Jim Thompson/Albuquerque Journal)
ALBUQUERQUE, N.M. Long-time angel investor and serial entrepreneur John Chavez had an unenviable front-row seat during the economic devastation wrought by the Great Recession in 2008.
John Chavez
At that time, New Mexico’s incipient startup ecosystem had limited resources to support many struggling businesses that had recently launched prior to the crisis, and investors like Chavez could do little as numerous startups crashed and burned in the downturn.
Now, 13 years later, it’s a very different story as the state and country emerge from the pandemic, which plunged the economy into a far-worse crisis than the one a decade ago. This time, the local ecosystem was well-prepared to weather the storm, armed with a ....

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Agreement on $46.5 million village incentive makes Hawthorn Mall redevelopment official

Agreement on $46.5 million village incentive makes Hawthorn Mall redevelopment official
dailyherald.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailyherald.com Daily Mail and Mail on Sunday newspapers.

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Fraud Checks and Errors Slow Small-Business Relief Loans

Fraud Checks and Errors Slow Small-Business Relief Loans
The renewed Paycheck Protection Program has disbursed $140 billion this year, but many applicants have had to wait weeks for lenders to resolve problems.
Shelly Ross found herself in a bureaucratic nightmare after requesting a second loan via PayPal for Tales of the Kitty, her San Francisco cat-sitting business.Credit.Anastasiia Sapon for The New York Times
Feb. 22, 2021
The problems plaguing those seeking loans from the government’s revived small-business relief program have ranged from simple to shocking.
Some applications were stalled for weeks by typos. Overzealous fraud filters trapped others. A change of taxpayer identification rules snarled many freelancers and sole proprietors. And then there were the thousands of people turned down because they erroneously registered as having a recent criminal conviction. ....

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Fraud checks and errors slow PPP relief loans

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The problems plaguing those seeking loans from the government’s revived small-business relief program have ranged from simple to shocking.
Some applications were stalled for weeks by typos. Overzealous fraud filters trapped others. A change of taxpayer identification rules snarled many freelancers and sole proprietors. And then there were the thousands of people turned down because they erroneously registered as having a recent criminal conviction.
“It’s been a nightmare,” said Martha Theirl, who spent hours battling three levels of customer service support at her bank in her attempt to get a loan for her physical therapy business.
Six weeks into the second run of the Paycheck Protection Program, $134 billion in emergency aid has been distributed by banks, which make the government-backed loans, to 1.8 million small businesses. But a thicket of errors and technology glitches has slowed the relief effort and vexed borrowers and lenders alike. ....

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