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NAA, NMHC statement on Paycheck Protection Act

Synopsis

The National Apartment Association (NAA) and the Multifamily Housing Council (NMHC) sent a letter to the Small Business Administration (SBA) and U.S. Department of the Treasury urging them to amend the interim rules to enable multifamily businesses to participate in the Paycheck Protection Program.


This week, the National Apartment Association (NAA) and the Multifamily Housing Council (NMHC) sent a letter to the Small Business Administration (SBA) and U.S. Department of the Treasury urging them to expeditiously amend the SBA’s Interim Final Rule, Business Loan Program Temporary Changes; Paycheck Protection Program, to enable multifamily businesses to participate in the Paycheck Protection Program.

“The apartment industry is a cornerstone of the national economy, housing 40 million Americans and supporting 17.5 million jobs,” said Robert Pinnegar, NAA President and CEO. “Like many of  our residents, the entire industry is facing extreme economic hardship. Apartment owners and operators must qualify for relief under the Paycheck Protection Program. Until Treasury and the SBA correct this imbalance, the housing and employment of a combined 57.5 million Americans is in jeopardy.”

Read the full statement here. A webinar further explaining the Payment Protection Program, addressing common questions and exploring its implications for rental housing owners and operators is also available here.

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