“Senior Living Providers Net At Least $252 Million in Small PPP Loans,” by Tim Regan, Senior Housing News

Quote:

“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.