Gov. Wolf: $450M loan program for hospitals
Low interest loans would help hospitals get needed equipment
Gov. Wolf announced the Hospital Emergency Loan Program (HELP) today during his daily briefing.
The $450M low interest loan program would assist hospitals that are hit hard by the financial stress of COVID-19 and would help to insure they are equipped to care for patients and workers.
Pennsylvania health care facilities licensed as hospitals by the Pennsylvania Department of Health under the Health Care Facilities Act of 1979 that are eligible to receive federal grant funding through the CARES Act are eligible for HELP. The maximum loan size is $10 million per hospital at an interest rate of 0.5 percent.
Applications will be available on DCED’s website starting at 10:00 AM April 13 through April 20. The costs must be incurred between March 1 and Sept. 1.
HELP will allow hospitals to take responsive action now until funding through the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March 27, 2020, is dispersed completely, with the goal of easing the financial strain of the pandemic and smoothing the transition back into regular health care operation.
See Saturday’s Sun-Gazette for full story.