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.
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.
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