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Florida's Fisher Island Club rejects coronavirus aid despite members' votes to keep it
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Sen. Marco Rubio, R-Fla., argues that Payroll Protection Program funding won’t be able to meet the needs of all small businesses and many countries will focus on independent medical production instead of manufacturing in China following the coronavirus outbreak.
Florida’s exclusive Fisher Island Club has chosen not to accept the Small Business Administration’s Paycheck Protection Program loan despite receiving the plurality of equity member votes to keep the money, according to a recent report.
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The club, which is located on ritzy Fisher Island and reportedly charges $250,000 per equity membership, asked its members to complete a straw vote to provide their input as to whether or not the business should accept the PPP money if approved. Although 67 percent of people voted in favor of taking the money, the club has decided not to do so, the Miami Herald reported.
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In a statement provided to FOX Business on Friday, the Fisher Island Club Board said it "has decided not to accept the PPP loan proceeds."
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A spokesperson did not immediately respond to inquiries seeking additional details, specifically regarding the future of the club’s employees. It was not immediately clear whether equity members would now be required to pay the $5,000 assessment fees.
Earlier this week, club officials emailed members to say they had applied for the loan, but wanted their help as to what they should do if approved. The email also warned that if members voted against taking the money, each person would likely need to pay roughly $5,000 to keep its employees on the payroll – and risk potential layoffs.