Tom,

Based on your work as an accountant, auditor and financial adviser you likely have strong analytical skills and excellent attention to details. Here is a challenge.  Analyze the info below then provide us with the language that will proves HOAs are eligible to get the PPP loans.

Since OPA’s application was based under the rules in effect at the time of submission I am providing the language from Interim Final Rule SBA published on April 2. To keep things simple I will not bring up updated rules and FAQ that further clarified eligibility.  We all know the Treasury and DoJ gave ineligible companies who received the loan a honeymoon time to return the money no questions asked or face potential consequences. 

To help you analyze "small biz concern definitions" per para A below I included 2 important links.  As an FYI the Borrower Application Form asks, if you were to sign on behalf of OPA, to certify the following among many other things.

I am looking forward to reading the results of your analysis. 

Slobodan

From the Borrower application form:

CERTIFICATIONS AND AUTHORIZATIONS
I certify that:

1. I have read the statements included in this form, including the Statements Required by Law and Executive Orders, and I understand them.
2.The Applicant is eligible to receive a loan under the rules in effect at the time this application is submitted that have been issued by the Small Business Administration (SBA) implementing the Paycheck Protection Program under Division A, Title I of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (the Paycheck Protection Program Rule).

Interim Final Rule - Small Business Administration
Apr 3, 2020
2. What Do Borrowers Need to Know and Do?
a. Am I eligible?
You are eligible for a PPP loan if you have 500 or fewer employees whose principal place of residence is in the United States, or are a business that operates in a certain industry and meet the applicable SBA employee-based size standards for that industry, and:
i. You are:
A. A small business concern as defined in section 3 of the Small Business Act (15 USC 632), and subject to SBA’s affiliation rules under 13 CFR 121.301(f) unless specifically waived in the Act;

B. A tax-exempt nonprofit organization described in section 501(c)(3) of the Internal Revenue Code (IRC), a tax-exempt veterans organization described in section 501(c)(19) of the IRC, Tribal business concern described in section 31(b)(2)(C) of the Small Business Act, or any other business; and

-Here is the link to Section 3 of the Small Business Act (15 U.S.C. 632):

Click Here

-Here is the link to SBA’s affiliation rules under 13 CFR 121.301(f):

Click Here

-Here is the link to Interim Final Rule - Small Business Administration Apr 3, 2020

Click Here