The deadline for co-op boards to apply for a forgivable Paycheck Protection loan is March 31, and many boards are struggling to get answers about their eligibility, the application process, the size of loans and other mechanics of the program. To provide answers, the Presidents Co-op & Condo Council (PCCC) is co-hosting a Zoom workshop on Monday, Feb. 8 at 6 p.m.
U.S. Rep. Grace Meng, a Queens Democrat, and Tom Grech, president of the Queens Chamber of Commerce, are also co-hosts of the event. Joining them will be three representatives from the Small Business Administration (SBA) – Matthew Coleman, Beth Goldberg and John Mallano – to answer participants’ questions about the loan application process.
The SBA disburses the funds to local lenders, which then pass them on to co-ops. After the SBA ruled last April that co-ops are ineligible for the loans, advocates, including Meng and the Presidents Council, joined a concerted effort to get the decision reversed. They succeeded when former President Donald Trump signed the new stimulus bill into law on Dec. 27, 2020, which specifically included housing cooperatives among the entities eligible for the loans.
“Congresswoman Meng wanted to hold a workshop because people have a lot of questions for the Small Business Administration,” says Geoffrey Mazel, a partner at the law firm Hankin & Mazel and the legal adviser to the PCCC, which represents more than 100,000 residents of co-ops and condos in New York City. “I’m going to be asking the questions during the Zoom session, mostly from property managers. Participants can also email me questions (at email@example.com).”
There is no registration fee for the Zoom workshop. To join the meeting, click here. Then enter the Webinar ID (852 2278 8049) and the Passcode (564582). You can also call 646-558-8656. Space is limited. You can also view the workshop live on the PCCC's YouTube channel here.
Co-op and condo board business broken down into bite-sized bits - 2 stories each week. Read now on all digital devices.
A free digital resource for co-op/condo board directors. Published twice a month. Read now on all digital devices.