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

HOA asked residents for feedback

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.

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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