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