NYC Apartment Landlords Seek Federal Help
New York City’s multifamily landlords say they need federal help to avoid a devastating blow to the housing system from the economic fallout of the COVID-19 pandemic.
However, they’re seemingly left out in the cold by Small Business Administration lending guidelines that specifically preclude real estate rental businesses. Those guidelines are followed by the $350-billion Paycheck Protection Program enacted last month.
“The guidelines predate COVID-19 and the PPP, but unfortunately the SBA has said those rules determine whether you are eligible,” Anchin’s Marc Wieder told Crain’s New York Business.
Brooklyn landlord Christopher Athineos told Crain’s he has applied for a loan through the PPP, hoping the SBA will eventually clarify the guidelines.
“If tenants can pay the rent, owners can pay the property tax, and the city will have revenue for police, firemen, hospitals,” Athineos said. “But we will need the federal government. We are all in dire need.”
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