Neighbors in Fisher Island, Florida, rejected a loan through the Paycheck Protection Program (PPP) on Friday meant to help small businesses through the coronavirus crisis.
In an email Wednesday, the Fisher Island Community Association said it was taking a straw poll of residents on whether to accept the money it was approved for on Monday, according to the Miami Herald.
“It is very important to the board of Directors to take into consideration the views of our members. It is also important to the board that the right decision is made for the island,” the email read.
Once the votes were counted, the homeowner’s association met Friday and voted unanimously not to accept the funds, according to the Herald.
“There’s small businesses that are in this country right now that need money,” said resident Matt Barnes. “We need to make sure that they get the money as quickly as possible. I don’t think Fisher Island needs $2 million.”
The median value of homes in the island is $2,987,559, according to Zillow.
“The median list price per square foot in Fisher Island is $1,240, which is higher than the Miami-Fort Lauderdale-West Palm Beach Metro average of $230,” the website continued.
Monday, the Shake Shack restaurant chain said it would immediately return its $10 million PPP loan so other struggling businesses could have the money, according to Breitbart News.
Prior to its announcement, the company accessed the capital needed to “to ensure our long term stability through an equity transaction in the public markets.”
Friday, Arrowhead Building Supply owner Rick Pogue said his business was not the only one to benefit from the PPP funds.
“Just days after the program launched, hundreds of thousands of businesses had already applied for the relief and many more will do so in the coming weeks,” he explained.
“A single small business saved can financially buoy an entire staff and their families. The economic ripple effects from there are difficult to fathom,” he concluded.