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ARTICLE · 08 JANUARY 2021

Consolidated Appropriations Act Brings Changes To PPP For Cooperatives

Armstrong Teasdale LLP
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On Dec. 21, 2020, Congress passed the Consolidated Appropriations Act which, among other things, included changes to the Paycheck Protection Program (PPP).

United StatesFinance and Banking
Andrew Brucker
Andrew Brucker
Dale Degenshein
Dale Degenshein
Peter Massa
Peter Massa
Howard Schechter
Howard Schechter
Julie Schechter
Julie Schechter
Phyllis Weisberg
Phyllis Weisberg

On Dec. 21, 2020, Congress passed the Consolidated Appropriations Act which, among other things, included changes to the Paycheck Protection Program (PPP). As described in our prior advisories – Condos and Co-ops and the Paycheck Protection Program and Condo Co-op PPP Eligibility Advisory Update – the PPP was created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide forgivable loans to benefit small businesses adversely impacted by the COVID-19 pandemic.

The changes to the PPP specifically confirm that housing cooperatives are eligible for PPP loans, clarifying an issue affecting the first round of loans. No change was made regarding condominiums and homeowners associations, so their eligibility remains uncertain, and we refer you to our April 6, 2020, advisory for additional information.

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