The homeowners' association for America's richest zip code Fisher Island, which bought up coronavirus antibody tests for all of its millionaire residents, has been granted a $2million government loan intended to prop up small businesses.

The luxury private island off the coast of Miami, only accessible by boat or helicopter, is now asking residents to vote on whether to accept the emergency handout - after several big businesses have faced a backlash for taking money intended for small firms hard hit by the pandemic.

The association is responsible for managing and maintaining the common areas, swimming pools and tennis courts around the multimillion-dollar condos on the elite 216-acre paradise island home to tennis star Boris Becker and Czech model Karolina Kurkova.

The news comes as the US Paycheck Protection Program has been plagued by a string of scandals, as huge multi-million dollar companies rushed to pocket the emergency money designed to help small businesses pay their workers and bills, leaving those it was intended for without a dime.

The homeowners' association for America's richest zip code Fisher Island has been granted a $2million government loan intended to prop up small businesses

The homeowners' association applied for the government funds on April 4 and was granted $2million Monday, according to an email sent to residents Wednesday and seen by the Miami Herald.

The association is now asking members to vote on whether to accept the handout ahead of a board meeting Friday to decide the outcome.

'It is very important to the board of Directors to take into consideration the views of our members,' the email said.

'It is also important to the board that the right decision is made for the island.'

The association, which oversees more than 20 smaller condo associations and is separate to the Fisher Island Club, has until next Thursday to accept or lose the funds.

The wealthy and exclusive island is located off Miami Beach and is reachable only by boat or helicopter

The association is responsible for managing and maintaining the common areas, swimming pools and tennis courts around the multimillion-dollar condos home to tennis star Boris Becker and Czech model Karolina Kurkova

The Paycheck Protection Program fiasco The PPP was created by Congress and designed to loan money to small businesses with 500 employees or less to help them survive the economic downturn during the coronavirus crisis, ensuring they can still pay their employees and bills, and avoid mass layoffs. Companies that use the money to avoid layoffs will not have to pay the money back. However, multi-million dollar public companies lined up for the federal loans and bled the pot dry, with the government announcing last week the money had run out before smaller, eligible firms could get a dime. Due to legal loopholes, some large public companies with thousands of employees were able to claim through the scheme. The program has a $10million limit, but large firms have spread claims over multiple subsidiaries with staff of less than 500 so they can take home funds. Research from Morgan Stanley shows that of the fund's $349 billion, $243.4 million of the loans was allocated to at least 90 publicly traded companies, which could have gone to help around 1,100 smaller businesses. With the PPP funding now depleted, lawmakers are scrambling to pass new legislation that would see a further $331 billion available to small businesses as part of a wider $483 billion coronavirus relief package. Advertisement

The PPP was created by Congress and designed to loan money to small businesses with 500 employees or less to help them survive the economic downturn during the coronavirus crisis, ensuring they can still pay their employees and bills, and avoid mass layoffs.

Companies that use the money to avoid layoffs will not have to pay the money back.

Ana Tinsly, a spokeswoman for SEIU Florida, the union that represents about 130 groundskeepers and security workers employed directly by the association, told the Herald there had been no layoffs at the association and workers had been given extra paid days off amid the pandemic.

It is not clear how the association plans to use the money if it accepts it but former association CEO Mark James has previously said that the association is able to weather an economic hit.

'None of the associations on the island is in financial peril,' former association CEO Mark James told the Times during the Great Recession.

The latest saga at the US's wealthiest zip code comes after it emerged last week the millionaire set had bought up enough coronavirus antibody tests for all its residents and employees.

Fisher Island purchased 1,800 tests at $17 each — taking a $30,600 hit to its annual operating budget — which were then administered by doctors from a UHealth clinic to all 800 families living on the paradise island and its workers.

'This is what the Fisher Island residents wanted. Our physicians ordered it for them, they paid for it themselves,' UHealth spokeswoman Lisa Worley told the Miami Herald last week.

Sissy DeMaria, the spokeswoman for Fisher Island, told DailyMail.com that half the island's residents are over the age of 60, making them vulnerable to the contagious respiratory disease.

She said Fisher Island officials have established an island-wide disease surveillance and testing system with the University of Miami health system.

'To further minimize spread on the densely populated island with half of the residents over the age of 60 and at high risk, Fisher Island asked UM Health Clinic to procure antibody testing for all employees and residents. Fisher Island is funding the cost of the testing which is underway now,' she said.

Notable residents on the island include Tennis great Boris Beck, 52, (left) and Czech model Karolina Kurkova, 36 (right)

Oprah Winfrey's former luxury four-bedroom Fisher Island condo pictured above. She sold her Florida 6,170-square-foot penthouse in 2001 for $6.5million. Canadian billionaire Lawrence Stroll then purchased it for $13.5 million in 2014

The news sparked outrage as Americans continue to face widespread shortages of both the coronavirus and antibody tests, which medical experts warn are critical to tracking the spread of the virus and safely reopening the economy.

The testing on Fisher Island was expected to be completed last week and will be followed up with contact tracing to determine if there has been community spread, the Herald reported.

Results will not be made public for several weeks, Lisa Worley, a spokeswoman for UHealth, said Monday.

Antibody tests produce results in about 15 minutes, but experts have raised doubts over their reliability.

The antibody test is a blood prick used to determine if someone has been exposed to COVID-19 and has developed antibodies to it.

Cases of coronavirus continue to rise across Florida, with 28,832 people infected and 960 dead from the virus as of Thursday.

The island purchased coronavirus antibody tests for all its residents and employees last week

Fisher Island Beach Club's beach on Biscayne Bay. Testing on Fisher Island was expected to be completed last week and will be followed up with contact tracing to determine if there has been community spread

Fisher Island is home to multiple celebrities and America's elite including Hasbro Toys CEO Alan Hassenfeld, Yard House founder Steele Platt, tennis players Caroline Wozniacki and Boris Becker, former NBA player David Lee and Victoria Secret model Karolina Kurkova.

Oprah Winfrey and Mel Brooks also had homes on the oasis.

Memberships to the Fisher Island Club cost about $250,000 and the average annual income was $2.5million in 2015, according to Bloomberg.