Housing Co-op eligibility was included in the $900 billion pandemic relief package approved by Congress and signed by the President. The Paycheck Protection Program (PPP) is the 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: Jon_Cardinal@Schumer.senate.gov. Tell him how much you appreciate 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. Send your email to 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!!
