Jan 14, 2021

Issues for Cooperatives in the Paycheck Protection Program

Authored by: Sean Altschul, Eric Balber, Michael Manzi, Stephen O’Connell, Todd Pickard, Robin Silberzweig, Lisa Smith, John Van Der Tuin, Eliot Zuckerman, Amanda Attenasio, Edward Heppt, and Dexterrie C. Ramirez When the Paycheck Protection Program (PPP) was enacted as part of the CARES Act in March 2020 there was considerable uncertainty as to whether residential cooperatives were eligible to participate.  Eventually, the Small Business Administration advised lenders that neither cooperatives nor condominiums were eligible. The Consolidated Appropriations Act of 2021, signed into law on December 27, 2020, appropriated additional funding for the PPP and specifically added “housing cooperatives” to eligible… Read more