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Burke Mountain & Jay Peak Resorts In VT OK'ed For Pandemic-Relief Loan

Michael Goldberg, the appointed federal receiver overseeing Burke Mountain and Jay Peak ski resorts, has been given the go-ahead by a federal judge in U.S. District Court to execute a $3.2 million Payroll Protection (PPP) Loan for the continued operations of both mountains through the COVID-19 pandemic.

Being reported by a local news outlet, Caledonian Record, the PPP loan will be issued through the CARES Act, financed by City National Bank, and will be used to not only allow for current employees to keep working but will also allow for staffing for winter operations.

Both mountain are currently open for summer operations after being closed for several months right before the true end of this past ski season due to the COVID-19 outbreak. The PPP loan will help continue to pay employees currently staffing both mountains and assist with payroll when the season calls for more mountain staff to return for the winter. 

Michal Goldberg was appointed federal receiver of the mountains after the previous owner, Ariel Quiros, was forced to surrender nearly $80 million in real estate holdings as part of a settlement with the federal Securities and Exchange Commission (SEC), which included Burke Mountain and Jay Peak. The SEC accused Quiros, as well as some of his associates, of a Ponzi-like scheme. Goldberg has been overseeing the mountains and will be selling both mountains when able.

Photo: Sherburne Express Quad At Burke Mountain - Credit: Tim Meyer - Burke Mountain/FB 

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