Earlier today, President Biden signed into law H.R. 1799, the “PPP Extension Act of 2021,” which extends the Paycheck Protection Program (PPP) application deadline to May 31, 2021, and extends the PPP program through June 30, 2021. Argentum supported this measure to provide additional time for eligible providers to apply for relief through the program before it closes.
As part of our broader advocacy on PPP, Representatives Lori Trahan (MA-3) and Anthony Gonzalez (OH-16) sent a letter earlier this month to SBA Administrator Isabel Guzman, asking for emergency rule-making to allow previously-eligible long-term care and senior living facilities to access the PPP’s “second draw” loans. The eligibility criteria had been streamlined in December’s Economic Aid Act, and prevented many smaller and regional senior living operators from qualifying for additional loans. Argentum supported this advocacy effort and helped garner the support of an additional 32 members of Congress on the letter requesting the administrative change.
We are in the process of requesting meetings with the Treasury Department and SBA Administrator Guzman to discuss our priorities related to PPP. Argentum has advocated since the origin of PPP for all senior living operators, who are precluded from PPP eligibility solely due to the affiliation rules, to become eligible on a per-location basis, the same as restaurants and hotels.
