Pub 18 2021 Issue 1

6 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S — H E L P I N G N E W M E X I C O R E A L I Z E D R E A M S EXECUTIVE VICE PRESIDENT’S MESSAGE JOHN W. ANDERSON, EXECUTIVE VICE PRESIDENT New Mexico Bankers Association When you combine all funding sources, stimulus legislation infused $19.1 billion worth of funds and services into New Mexico. Visit our website at: www.nmbankers.com THE 2021 LEGISLATIVE WRAP-UP S ince January 2020, the New Mexico Legislature has been in session five times: the regular 30-day session in January 2020, the first special session in June 2020, the second special session in November 2020, the 60-day regular session that started Jan. 20, 2021, and the first special session in March 2021. Why so many sessions in a little over a year? The main culprit, both directly and indirectly, has most certainly been the COVID-19 pandemic. Even with so many legislative sessions as of late, more is on the horizon. It is anticipated that the Legislature will be called to a Special Session again in November to consider reappointment legislation. Federal Funding You may ask, how are my taxes being spent by Congress? Since the COVID-19 pandemic began in March 2020, Congress has allocated stimulus funding to states, tribes, local governments, individuals and businesses through stimulus legislation: • The Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 • The Families First Coronavirus Response Act • The Coronavirus Aid, Relief, and Economic Security (CARES) Act • Paycheck Protection Program and Health Care Enhancement Act • The Coronavirus Response and Relief Supplemental Appropriations (CRRSA) Act, 2021 • American Rescue Plan (ARP) Act of 2021 When you combine all funding sources, stimulus legislation infused $19.1 billion worth of funds and services into New Mexico. Funds were in the form of direct payments to individuals, expanded unemployment benefits, paycheck protection program loans and other business supports, increased federal share of Medicaid costs, payments to health care providers, and FEMA support. Funding also included expanded resources for the state’s existing federal-funded programs and block grants (SNAP), the Substance Abuse Prevention and Treatment Block Grant, and the Child Care and Development Block Grant. Finally, three of the pieces of stimulus legislation provided general relief payments to state government, K-12 education, and higher education that could be used broadly for pandemic-related spending.