According to a report from the Miami Herald, the homeowners’ association for Fisher Island, an upscale community near Miami, has been approved for a $2 million loan to help small businesses make it through the coronavirus outbreak. Now they're debating whether or not to give the loan back.
“It is very important to the board of Directors to take into consideration the views of our members,” read email said. “It is also important to the board that the right decision is made for the island.”
While it not clear what the funds would be used for, an email to residents from the association said the loan would be fully forgiven if certain requirements are met, which includes the retention of 75% of staff, “effectively turning the loan into a grant.”
The association has until next Thursday to accept the funds or it will lose out on the chance to receive them.
Read more at the Miami Herald.
