Queens reps call for co-ops and condos to receive federal relief
Two Queens congressmembers called on the federal government to allow co-ops and condos to be eligible for loans under the Paycheck Protection Program, the federal stimulus program designed to help small businesses through the COVID-19 crisis.
In a letter to Treasury Secretary Steven Mnuchin and Small Business Administration Administrator Jovita Carranza, Reps. Grace Meng and Tom Suozzi asked for co-ops and condos to be allowed to receive PPP loans.
“Co-ops and condos are a critical part of Queens and New York City, serving as homes for so many residents throughout our borough and city,” Meng said in a statement.
In the letter, Meng and Suozzi said the residential buildings are “facing the same dire liquidity challenges as other businesses” due to job losses, declining rental income from commercial tenants, and significant usage increases in utilities.
“The devastating health impacts of the pandemic has thereby brought enormous financial losses to these units,” the two lawmakers added.
The two lawmakers said that allowing condos and co-ops to use PPP loans to pay their essential employees would be a “lifeline” as they struggle to deal with the coronavirus.