Nation’s richest ZIP code received a $2M PPP loan. Residents voted to reject it

HOA asked residents for feedback

TRD MIAMI /
Apr.April 24, 2020 05:00 PM
Fisher Island (Credit: Fisher Island)

Fisher Island (Credit: Fisher Island)

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.

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


Related Articles

arrow_forward_ios
Map of priciest condo sales and Icon South Beach (Credit: Google Maps and Gzzz via Wikipedia)

Miami condo sales volume nosedives in mid-May

Miami condo sales volume nosedives in mid-May
110 Atlantic Avenue, Scott Schuster (Credit: Google Maps)

Healthcare entrepreneur sells Palm Beach home for $8M

Healthcare entrepreneur sells Palm Beach home for $8M
Miami Beach Votes To Reopen Pools (Credit: iStock)

Miami Beach votes to reopen pools in resi buildings, but needs the county to sign off

Miami Beach votes to reopen pools in resi buildings, but needs the county to sign off
(Credit: iStock)

Home sales dropped big time in South Florida in April

Home sales dropped big time in South Florida in April
Miami Beach Mayor Dan Gelber and City Manager Jimmy Morales (Credit: Nicholas Hunt/Getty Images, and Mike Coppola/Getty Images)

Miami-Dade targets June 1 opening date for hotels, beaches following Miami Beach vote

Miami-Dade targets June 1 opening date for hotels, beaches following Miami Beach vote
(Credit: iStock)

Luxury condo prices drop in downtown Miami amid lockdown

Luxury condo prices drop in downtown Miami amid lockdown
Anabella Smith, Louis Archambault, Scott Goldstein

“There’s a lot of concern about going back to an office”: how companies are returning to work in South Florida

“There’s a lot of concern about going back to an office”: how companies are returning to work in South Florida
Florida Keys

Florida Keys to reopen to visitors June 1

Florida Keys to reopen to visitors June 1
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...