The Lake Monticello Homeowner’s Association may be required to repay a $600K federal loan it received through the Paycheck Protection Program. The association originally secured the funds in April 2020 to prevent staff furloughs.
$600K Federal Loan Forgiveness Denied
The HOA recently received notice from the Department of Justice stating it is ineligible for forgiveness on the $600K federal loan. The government has asked the association to resolve the matter before potential litigation.
A summary from the January board meeting revealed that the HOA was surprised by the decision. The loan had been approved in April 2020, and forgiveness was granted in May 2021.
The association is actively addressing the issue but has not shared further details. Board members have assured homeowners they are reviewing available options.
