UPDATED, April 27, 9:35 a.m.: Fisher Island’s homeowners’ association was approved to receive a $2 million loan through the federal government’s Paycheck Protection Program, but residents voted to reject the loan late Friday.
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 was unclear how the Fisher Island association would have used the $2 million.
Fisher Island, the nation’s wealthiest ZIP 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, met on Friday at 5 p.m. to review feedback from its residents about accepting the $2 million loan, the Miami Herald reported.
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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