Northeast Queens Councilman Paul Vallone will introduce a resolution Wednesday calling on Congress and President Trump to expand the CARES Act and Payroll Protection Program to include considerations for housing cooperatives and condominiums, allowing them to access critical PPP loans processed by the U.S. Small Business Administration.
The White House and Congress appear to be close to a $470 billion relief package that would replenish funding in the PPP for small businesses that were left out of the initial round of the bailout.
“As our city persists through the COVID-19 crisis, we must protect a cornerstone of our local communities,” Vallone said. “Our co-ops and condos provide a vital affordable, middle-class housing option to hundreds of thousands of our New Yorkers. The next iteration of the Payroll Protection Program must extend this lifeline to our cooperative and condominium owners and tenants, who too are facing immense hardship paying their essential workers and maintaining other critical operating expenses during this public health crisis.”
Read More Here – https://qns.com/story/2020/04/22/vallone-calls-on-congress-to-include-co-ops-and-condos-in-cares-act-relief-package/