Smaller senior living operators still may apply for a Paycheck Protection Program loan of up to $10 million, thanks to a law extension.
President Trump signed the extension Saturday. The new measure extends the deadline for loan applications to Aug. 8. Congress created the program in March as one part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It functions a subsidy program for small businesses battered by COVID-19.
The Small Business Administration will completely forgive the loans if at least 60% of the funds are directed toward payroll expenses, among other criteria. Roughly $130 billion of $660 billion approved for the program remains available.
Applications have declined recently, due to shifting rules and the emergence of more favorable terms elsewhere. On Monday, the Small Business Administration released the names of businesses receiving loans above $150,000.
