BBG News

Paycheck Protection Program Eligibility for Cooperative and Condominiums

Apr 1, 2020

We hope that everyone is remaining healthy and out of harm’s way.

During these challenging times, we want to serve as a resource to our Cooperative and Condominium clients and answer any and all questions you may have relating to your building’s policies and procedures during the COVID-19 pandemic.

One area of potential opportunity for your building is the availability of the SBA loan program, Paycheck Protection Program (PPP). After reviewing your governing documents, if we can confirm that your building qualifies for the PPP, it may be beneficial for you to take advantage of this program immediately.

Please note, the PPP is on a “first come, first serve basis”, and funds are likely to run out quickly. The loans cover payroll and payroll related expenses and additional expenses, and there are provisions which allow for forgiveness of the principal amount of the loan and accrued interest.

If you are interested in BBG assisting you with this process, please contact BBG as soon as possible.

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