The President’s Coop & Condo Council, a Queens based Coop advocacy group is leading a national effort to have Coop residents included in the payment protection program.
The 1.5 million Cooperative residents in this country were devastated to learn on April 2, 2020, the U.S. Small Business Administration (SBA) issued an Interim Final Rule stating that businesses deemed ineligible for Paycheck Protection Loans (PPP). These loans would provide much needed relief to Coop residents who have been hit hard by the Covid crisis.
On June 1, 2020, the PCCC and the National Association of Business Cooperatives submitted a letter to the United States Treasury Department and Small Business Administration, urging them to change their regulations to include Coop in the PPP program. Over 35 Coop and business groups from across the United States signed this letter. This would be a so-called “Administrative fix” and would obviate the need for additional legislation from the Congress.
“Co-ops are facing the same severe revenue problems as other business concerns. They are suffering declining revenues and increased expenses. It is critical that they be included in the PPP program” said Bob Friedrich, co-President of the PCCC. “As a result of this injustice, the PCCC, along with Co-op advocacy groups across the nation are making their voices heard in Congress and with the SBA and Treasury in search of a solution” said Warren Schreiber, co-President of the PCCC.