Governor Tom Wolf has created a loan program to help those hospitals recover from the financial toll of COVID-19
Written by Victoria Scialfa on April 13, 2020
Gov. Tom Wolf has created a loan program to help those hospitals recover from the financial toll of COVID-19
By WLVR Staff
April 13, 2020
As hospitals brace for a possible surge in cases in the coming days, advocates say the facilities could be billions in debt when it’s over. Pennsylvania Governor Tom Wolf announced today the creation of a loan program to help those providers recover from the financial toll of COVID-19.
“We cannot allow any of our hospitals to become bankrupt. When this pandemic ends, we’re going to need our hospitals to care for our regular medical needs like heart attacks and broken bones,” said Governor Wolf.
The Hospital Emergency Loan Program, or Help, has 450 million dollars available now. The maximum loan is 10 million and the interest rate is 0.5%. Wolf says the program will help provide short term relief, but hospitals will have to drum up revenue when cases cease.
“And when we return to a more normal state, our hospitals will see their cash flows increase allowing them to better shoulder the financial burden of COVID-19.”
Hospitals can begin applying Monday, April 13, and will have a week to submit applications.