To follow up on our prior message to you yesterday, this is to inform you that the U.S. Treasury Department has now issued the application form and guidance for Paycheck Protection Program loans and grants. The program allows loans of up to 2.5X the monthly payroll, which may then be forgiven if the loan proceeds are used for qualifying purposes. There is nothing in the guidance or application form that would change our advice that cooperative and condominium buildings should be eligible to participate. For those buildings that have staff, this may be a source of needed funding during this crisis period.
The PPP application form is here.
A useful guide from the U.S. Chamber of Commerce is here.
Please contact your Smith Gambrell & Russell Coooperative and Condominium attorney if we can be of further assistance.