Significant benefits may be afforded cooperatives and condominiums through the Paycheck Protection Program contained in the CARES Act passed by Congress and signed into law on March 27th.   The Program is intended to ameliorate the impact of the COVID-19 pandemic on employers of fewer than 500 persons.  Details as to the benefits available under the Program cannot be confirmed until the Small Business Administration publishes implementing regulations, which the Act requires in 15 days, or the government issues other guidance, but  cooperatives and condominiums, and their managing agents and accountants should be aware of the possibility in assessing the impact… Read more