Senior Housing News, July 28, 2020: Senior Living Providers Net At Least $252 Million in Small PPP Loans
Senior living providers across the U.S. received at least $252 million through Paycheck Protection Program (PPP) loans under $150,000.
Assisted living and continuing care retirement community (CCRC) providers in California, Florida and Wisconsin received the most money through the program, according to a Senior Housing News analysis of PPP loan data released by the Small Business Administration (SBA). The data included loans doled out among providers in all 50 U.S. states, Washington, D.C. and Puerto Rico.
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.
But the program has had its share of problems. A study conducted by the National Community Reinvestment Coalition found that Black business owners had a harder time getting federal aid through the program. And there is evidence that some larger firms received PPP loans but didn’t actually rehire most of the staff they laid off due to the coronavirus pandemic.
