Brad, the  whole pass-through question has caused a lot of questions. The employees are legally the employees of the management company. That is where the IRS see them. However, these employees work at a specific site/project. Further, apartment projects were considered passive and ineligible for PPP loans, despite the fact that many did receive them. Therefore, there has been no consistent answer on whether or not they should get them – but they did get them. Further they got them with both project and management company employees. Many have also received forgiveness.

I do not think there is any need to modify the management agreement to reflect the pushdown, not is there any need to push it down. That is a choice some are making and others are not.