Paycheck Protection Program, Economic Injury Disaster Loan Program, and Families First Coronavirus Response Act
The Paycheck Protection Program: What Senior Living Operators Need To Know
“Smaller senior living and skilled nursing operators overwhelmed by the financial fallout from the coronavirus pandemic soon can tap into a federal bailout fund to pay bills and keep workers on the payroll — and if they meet the requirements, operators won’t need to make repayments.”
Read the article at McKnight’s
Paycheck Protection Program (PPP) Web Site
Economic Injury Disaster Loan Program
SBA Economic Injury Disaster Loans are loans of up to $2 million with interest rates of up to 3.75% for businesses and up to 2.75% for nonprofits, with principal and interest deferment available for up to 4 years. They are available to pay for expenses that could have been met had the disaster not occurred, including payroll and other operating expenses.
COVID-19 Economic Injury Disaster Loan Program
Families First Coronavirus Response Act
The Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. But see below for exemptions to this requirement...
The following FAQ is found on the Dept of Labor Web site (https://www.dol.gov/agencies/whd/pandemic/ffcra-questions):
56. Who is a “health care provider” who may be excluded by their employer from paid sick leave and/or expanded family and medical leave?
For the purposes of Employees who may be exempted from Paid Sick Leave or Expanded Family and Medical Leave by their Employer under the FFCRA, a health care provider is anyone employed at ... nursing facility, retirement facility, nursing home, home health care provider...
(Also see questions/answers #57, 58, 59.)
Fox Rothschild LLP Coronavirus Resources Web Page
Covers the CARES Act, SBA Loans, the Families First Coronavirus Response Act, and Paid Leave Tax Credits, and they will help you navigate all of this.