A housing association representing the richest zip code in America was approved to receive a $2M of emergency coronavirus relief from the small business loan program, despite suffering no layoffs and no apparent financial impact from the pandemic.
After names of publicly traded companies which had received funds started making headlines, Secretary of the Treasury Steven Mnuchin warned there would be penalties unless they gave the money back.
Under the terms administered through the Small Business Administration, the loan is fully forgiven if 75 percent of the funds are used to cover payroll. Applicants must have fewer than 500 employees per location. The lender is responsible for ensuring an applicant meets the eligibility requirements for the loan.
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