05-26-2020, 03:46 PM
Quote:Wall Street Journal reporters Will Parker and Konrad Putzier, in an article published on May 26, discuss a very different type of real estate business — not someone who is only renting out three or four condos or houses in working class areas, but giant real estate companies. And some of those companies, they report, have been receiving coronavirus relief funds that were not intended for them. “Real estate companies are cashing in on the government’s emergency spending program, despite rules meant to bar landlords and other property owners from the funds,” Parker and Putzier explain..Giant real estate companies are receiving COVID-19 relief funds that weren’t meant for them thanks to loophole in emergency spending program – Alternet.org
Attorneys and accountants, according to the WSJ reporters, are “aware of at least dozens of property companies that have received, in aggregate, tens of millions of dollars or more because of a legal loophole that allows them to apply through related business units — such as management companies or construction companies.”