“Senior Living Providers Net At Least $252 Million in Small PPP Loans,” by Tim Regan, Senior Housing News
“All told, the more than 4,500 loans helped senior living providers cover the payroll expenses of more than 50,000 employees, according to the data. Senior living was among several long-term care industries that received funds through the loan program. For comparison, home-based care agencies got more than $666 million in small PPP loans, while skilled nursing operators and associated providers received about $165 million. … Recipients of these relatively smaller PPP loans are thought to be generally safe from audits, as both the Treasury Department and the SBA have said businesses borrowing less than $2 million are considered to have made their loan requests in good faith.”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
How long until and what happens when these federal funds, conjured from nothing and unaudited, end or lose their purchasing power? Excessive reliance on government money got long-term care into the mess it’s in. More of the same won’t get it out.