SBA Guidance on PPP Ineligibility
The SBA has now come out with guidance for lenders on administering this loan. Beginning on page 104 business that are ineligible for the loans are identified, which on page 105 identifies “passive businesses” including specifically “apartment buildings”. Accordingly, it is now clear that the ownership entities of multifamily communities would not be eligible for these loans. As this is under the “passive” heading it should not include management companies as ineligible.