The Paycheck Protection Program (PPP) provides forgivable emergency loans to small and mid-size businesses. Many home care agencies have utilized PPP loans to stay in business during the continued pandemic. In 2020, more than $600 million dollars were dispersed to home care businesses. A new round of PPP loans (“second draw”) will offer additional funding to harder-hit businesses.
These PPP loans can be used to maintain employees on payroll, to pay for additional costly COVID-related medical supplies, and more. While the bulk of PPP recipients are part of standalone corporations or independent businesses, many individual home care franchise locations also received support back in 2020.
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