The application process for low-interest loans for hospitals gets underway today.
The PENNVEST Hospital Emergency Loan Program will allow a hospital to get some short-term financial relief until federal Coronavirus Aid Relief and Economic Security funding is made available. Hospitals are eligible for up to $10 million in loans, and PENNVEST plans on handing out $450 million.
State Senator Joe Pittman, who is a member of the PENNVEST board, called the loan program an “aggressive approach in a time of crisis.” He added that hospitals have seen increases in critical care cases. While all hospitals have taken a hit financially because of the pandemic, rural hospitals will feel it very hard.
Applications will be judged on specific criteria, based on size and location of the hospital, its financial need, and the impact of Covid-19 on its operations. The application period runs through April 20th, and the requests must be made through the Department of Community and Economic Development’s Electronic Single Application of Assistance. Click on the link below for the applicaiton.
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