Paycheck Protection Program (PPP) using PM

[Serge S.]

Multifamily owners using a PM how do you interpret your eligibility if your PM pays payroll? I have been advised that if your holding co LLC EIN is NOT the one making the payroll then it does not count towards the loan calculation. It would technically be the PMs employee even though its your property, expense and liability. If this is the case then the PM would be eligible for the forgivable loan up to $10M. Think about that one for a second. A professional PM with 10,000 units would be the one getting the check and not the owner. I find this hard to believe. Maybe @Brandon Hall has an idea and can chime in, I'm not sure what to make of this. A 100 unit apartment complex typically can have $15k in average monthly payroll meaning it would be a $45k check for every property and it would be the PM and not the owner that would be eligible. 

[Brian Burke]

True indeed--however I'd assume that any PM that has 10,000 units has more than 500 employees and thus wouldn't qualify...and any smaller PM that receives a forgiven loan that was used for payroll shouldn't be reimbursed by the properties for that payroll.  I hope someone finds a loophole here--I still have two properties that have a 3rd party PM.  Fortunately the rest of my portfolio is managed by a management company that I wholly own, so my properties will get some payroll relief!