Residential Cooperatives May Now Get Paycheck Protection Program (PPP) Loans

The most recent federal Coronavirus stimulus law, finally signed on December 27, 2020, extends the PPP loan program to residential cooperatives.

PPP loans are loans made by banks that are 100% guaranteed by the United States Small Business Administration, with up to 100% of the loan being eligible for forgiveness if the borrower spends an amount equal to the loan proceeds on specific types of expenses.

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