The Treasury Department increased the interest rate on the SBA Payment Protection Program to 1%, up from .5%. As of Friday afternoon, about $350Billion had been allocated to about 10,000 borrowers. Community banks are reportedly getting funds out faster than larger banks, although some larger banks are taking applications but not sending out funds yet. For example, Bank of America has $6 Billion in loan applications. See the updated article about the SBA loans.
Families First Act Update
See explainer on the applicability for housing providers of the FMLA and sick leave provisions of the Families First Coronavirus Response Act. Housing providers (unlike health care providers and some others) must comply with these provisions if they have fewer than 500 staff (although those with fewer than 50 may seek an exemption).
From LeadingAge National
LeadingAge staff experts are developing essential guidance and tools, and curating the most relevant resources for aging services providers.
Therecording from Saturday's Coronavirus Daily Member Update is available now. And check outSunday’s recording to hear LeadingAge experts’ answers to your most frequently asked recent questions in affordable housing, life plan communities, skilled nursing and assisted living.
Value First has been working on a solution for safety personal masks for members. They manufacture in Georgia and have excess capacity of reusable antimicrobial personal safety masks. LeadingAge members have submitted orders for about 80,000 masks so far. Value First is confident that this product is filling a need and can get into member's hands at a reasonable price. Some members prefer disposable masks, but those are becoming more difficult to get and the price has escalated quickly.
Please Read the Attached Letter.
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