Apartment Trends Magazine June 2020 June 2020 | Page 33

Congress to ensure that America’s workforce and businesses stay afloat during these uncertain times. However, the unprecedented nature of the economic crisis brought on by COVID-19 requires that Congress reexamine the scope of the PPP to ensure accessibility for all business types. Rental housing developers, owners and operators who remain on the front lines of the crisis and provide essential services to millions of renters are Rental housing developers, owners and operators who remain on the front lines of the crisis and provide essential services to millions of renters are crippled by eligibility restrictions. crippled by eligibility restrictions. NAA urges Congress and the SBA to address the unique needs of the rental housing industry by: Reversing the PPP Interim Final Rule to expand eligibility to all multifamily housing firms. Access to the PPP will ensure that owners and operators continue providing a high level of service and consistent care for the millions of Americans living in rental housing. Amending the CARES Act to include multifamily housing businesses in the provision granting eligibility for businesses with more than 500 employees operating across multiple physical locations. Our industry operates under similar business models as those industries already granted eligibility by this provision. Congress has already demonstrated their willingness to accommodate the myriad small businesses types by waiving the SBA’s affiliation rules in the CARES Act and granting eligibility to certain businesses with more than 500 employees. Building on this momentum, NAA continues to work with Congress and the SBA to ensure that the unique needs of the multifamily housing industry are met as the viability of the apartment industry and the nation’s housing stock remains at risk. Learn more about NAA’s advocacy here. To prepare for the application process to reopen, learn more about the PPP program, EIDLs and other funding sources available to the industry through the SBA on its website. Also, review NAA’s webinar to understand PPP implications for rental housing owners and operators. www.aamdhq.org JUNE 2020 TRENDS | 31