Nanticoke, April 10, 2020 — 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 John Yudichak (I-Luzerne/Carbon).
“I applaud the action of the PENNVEST board, who approved a new loan program to infuse much needed capital into our hospitals as they battle the COVID-19 coronavirus outbreak,” said Senator John Yudichak. “The doctors, nurses, and medical professionals in our northeastern Pennsylvania hospitals are doing heroic work every day, and we must continue to do all we can to support them.”
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.
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