HOUSING COOPERATIVES NOW ELIGIBLE FOR PAYCHECK PROTECTION PROGRAM (PPP)

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HOUSING COOPERATIVES NOW ELIGIBLE FOR PAYCHECK PROTECTION PROGRAM (PPP)

Housing Co-op eligibility was included in the $900 billion pandemic relief package approved by Congress last night.

The Paycheck Protection Program (PPP) isthe main stimulus for small businesses. It is funded under the Small Business Administration (SBA) and is intended to provide loans to businesses to guarantee eight weeks of payroll and other costs to help those businesses remain viable and allow their workers to pay their bills.

We owe a huge debt of gratitude to Senator Schumer (D-NY) for his incredible efforts in ensuring that we were included in this legislation. Please be sure to thank Senator Schumer by contacting: Jon Cardinal at: Jon_Cardinal@Schumer.senate.gov Tell him how much you appreciate Minority Leader Senator Schumer’s support for our housing cooperatives.  

House Small Business Committee Chairwoman Rep. Nydia Velasquez (D-NY) also was extremely helpful in ensuring we were included in the bill. Please send an e-mail to Justin Pelletier in her office to tell him to thank her for her support.  His e-mail is: Justin.Pelletier@mail.house.gov

Cooperatives should consult management and your lenders to be prepared when the SBA website revises its forms.  

This was a big win for our housing cooperatives!!