discusses how the CARES Act could impact condos and co-ops in Law360
. At this time, condos and co-ops are trying to figure out if they are eligible for payroll relief through funding from the Coronavirus Aid, Relief and Economic Security Act. Leni initially suggested that condo and co-op apply for assistance through the Payroll Protection Program, however it is unclear if these entities would qualify under the new Small Business Administration’s guidelines.
"The SBA issued an interim final rule," Leni said, referring to additional guidance on April 2. "The name is important because it is an interim rule but is also a final rule. When an agency like the SBA issues a rule, there is a required 30-day notice and comment period. … But these are unprecedented times, so this rule became effective immediately."
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