".... the government has made clear that it may claw back money that is loaned if it was loaned to ineligible borrowers or the money that was loaned was not used for purposes covered by the PPP program. So, if coops, condos and HOA’s apply and are granted loans in the PPP, the risk is that the government reviews eligibility after the fact and raises issues after the money is already loaned and used. We’d hope that the lending institutions which will be handling applications would vet whether community associations are properly eligible, but the risk exists that loans could be granted and questioned in hindsight."

Slobodan