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 ishere.
The U.S. Treasury information sheet on the program is here and here.
A useful guide from the U.S. Chamber of Commerce is here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
