PA Announces $450 Million Coronavirus Loan To Help Hospitals

PENNSYLVANIA — The state has announced a new $450 million loan program to help fund hospitals through the coronavirus crisis, particularly as officials believe the peak of cases arrives in Pennsylvania in the coming weeks.

The Hospital Emergency Loan Program will provide short term relief to hospitals to ensure they have the resources needed to protect both patients and workers.

Stay up to date on coronavirus developments, sign up for Patch news alerts.

The new program will accept applications beginning at 10 a.m. on April 13, and continuing through April 20.

“Hospitals across Pennsylvania should be focused on saving lives, not worrying about how to make ends meet until federal relief funds arrive months from now,” Pennsylvania State Treasurer Joe Torsella said in a statement. “I am proud to approve this prudent investment that will provide immediate, low-cost, and direct financing to enable hospitals to sufficiently staff their floors, purchase treatment supplies and protective equipment, and successfully prepare for the surge of COVID-19 patients in the coming weeks."

The program is intended as a stopgap until federal relief funding kicks in.

The funds can be used to cover any costs incurred between March 1 and Sept. 1.

Each hospital is eligible for up to $10 million in loans. The loans are not interest free, but "low interest," the state said.

Applications can be made here.

>>>Full coverage of coronavirus in Pennsylvania