Apartment Trends Magazine June 2020 June 2020 | Page 32

APARTMENT ADVOCATE
NATIONAL APARTMENT ASSOCIATION /
NATIONAL MULTIFAMILY HOUSING COUNCIL
Replenished Paycheck Protection
Program Faces Same Challenges
On April 24, President Trump signed
into law The Paycheck Protection
Program (PPP) and Healthcare
Enhancement Act (HR 266), allocating
an additional $310 billion to the lending
program administered by the Small Business
Administration (SBA). The bill also provides
an additional $60 billion to the SBA’s disaster
loan program, replenishing the Economic
Injury Disaster Loan (EIDL) with $50 billion
and boosting the EIDL’s $10,000 grant
mechanism with an additional $10 billion.
The PPP, which saw its original allocation
of $349 billion exhausted after 13 days
of activity, received some smart, realistic
changes in HR 266 meant to encourage
dedicated lending to traditionally small
businesses unable to receive assistance
during the first round of funding. Thirty
billion dollars of the PPP’s allocation will be
reserved for lenders with assets of less than
$10 billion, while another $30 billion will be
earmarked for lenders with assets between
$10 billion and $50 billion. Dedicated
funding to certain lenders will allow
eligible small- to medium-sized borrowers
gain preferential access to critical financial
support.
Still, no adjustments were made to grant
eligibility for multifamily housing firms that
face challenges in applying for PPP funding:
• Passive business owners
• Owners who enter into contracts with
third parties to manage properties
• Apartment buildings
• Businesses with more than 500 employees
The National Apartment Association
(NAA) is encouraged by the work of
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30 | TRENDS JUNE 2020 www.aamdhq.org