Fisher Island’s homeowners’ association was approved to receive a $2 million loan through the federal government’s Paycheck Protection Program, and now the association is asking its residents whether it should accept the funds.
The $349 billion PPP program was created by Congress to help small businesses, providing loans of up to $10 million to cover rent, mortgage interest, utilities and payroll. It’s unclear how the Fisher Island association would use the $2 million, if it accepts it.
Fisher Island https://therealdeal.com/miami/tag/fisher-island/, the nation’s wealthiest ZIP https://therealdeal.com/miami/2019/03/04/these-are-the-richest-zip-codes-in-us/ code, recently made headlines when it purchased 1,800 rapid Covid-19 blood test kits for all its residents and workers, spending $30,600 at a time when testing is limited, according to the Miami Herald.
The exclusive island can only be reached by ferry, boat or helicopter.
The island’s homeowners’ association, which oversees about 20 smaller associations, is meeting Friday at 5 p.m. to review feedback from its residents about accepting the $2 million loan, the Miami Herald reported.
Real estate companies received about 3 percent of the $342 billion in loans approved through the federal program, according to figures released last week by the U.S. Small Business Administration. [Miami Herald] — Katherine Kallergis