Marc Wieder, accounting and audit partner at Anchin, noted that a building owner that employs a superintendent, porter and doorman will not qualify for a loan even though the employees are essential to maintain the building and provide security for tenants.
“It doesn’t seem right,” Marc Wieder, who co-leads Anchin’s real estate group, told Commercial Property Executive. “The purpose of PPP was to keep people employed.”
He added: “If you take your typical closely held family real estate operation, where they own multiple properties and they have a management company, that management company is eligible for a PPP loan. And if they do things right, that loan can be forgiven.”
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