Earlier this month, President Trump signed S. 4116, which extends the deadline for borrowers to submit Paycheck Protection Program (PPP) loan applications. Under the extension, borrowers have until August 8, 2020 to submit their applications to SBA-backed lenders, a five-week bump on the original application ceiling of June 30 as established under the CARES Act.
Nearly one quarter of the PPP’s original $659 billion earmark remains as demand for the program has cooled amongst eligible borrowers. So far, the PPP has assisted more than four million businesses with meeting their payroll and routine debt obligations. Still, many more face great economic uncertainty driven by COVID-19 and are either unable or ineligible to receive PPP funding, including the multifamily industry which is still largely excluded from PPP eligibility.
The National Apartment Association (NAA) continues to advocate for the unique needs of the multifamily industry before Congress and the Small Business Administration (SBA) on PPP and future business relief programs. We urge Congress to:
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Amend the Coronavirus Aid, Relief and Economic Security (CARES) Act to include multifamily firms in the provision granting PPP access to businesses with more than 500 employees operating across more than one physical location.
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Compel the SBA to revise and reverse the PPP Final Rule that excludes passive owners and other multifamily entities from loan access.
For more information on PPP related advocacy issues, please contact Sam Gilboard, NAA Manager of Public Policy. For more information on COVID-19 related advocacy issues, please visit our COVID-19 Policy Concerns page. For multifamily operation and compliance assistance, please visit our COVID-19 Resource and Guidance Center.