HARRISBURG – The Pennsylvania Infrastructure Investment Authority (PENNVEST) today approved a $450 million emergency loan program to assist financially distressed hospitals as they work to address the COVID-19 outbreak, according to Senator Scott Martin (R-13).
Hospitals will be eligible to apply for low-interest loans of up to $10 million under the Hospital Emergency Loan Program (HELP). The loan is intended to provide short-term financial relief for hospitals until federal Coronavirus Aid Relief and Economic Security funding is available.
The HELP application period is expected to run from April 13 through 20 and hospitals should submit their requests through the Department of Community & Economic Development’s Electronic Single Application for Assistance. Applications will be evaluated based on specific criteria including size and location of the hospital, its financial need, and the impact of COVID-19 on its operations.
Senator Martin also supported a bill signed into law two weeks ago to provide $50 million of additional funding to healthcare facilities for the sole purpose of buying medical equipment and supplies to address the increased demands that COVID-19 could place on the entire healthcare system. The new money will help ensure healthcare facilities can better meet the needs of patients and staff.
CONTACT: Terry Trego (717) 787-6535