PENNVEST Approves $450 Million Loan Program for Hospitals Impacted by COVID-19

The Pennsylvania Infrastructure Investment Authority (PENNVEST) today (April 10) approved a $450 million emergency loan program to assist financially distressed hospitals as they work to address the COVID-19 outbreak, according to Senate Appropriations Chairman Pat Browne.

“Our hospitals and medical professionals continue to be our most important assets during this public health crisis,”  Senator Browne said. “All over Pennsylvania, they are doing a tremendous job of caring for the sick and saving lives. We will continue to do everything in our power to provide them with the necessary tools and support they need to help those affected by COVID-19.”

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 (CARES Act) funding is available.

The HELP application period is expected to run from April 13 through April 20 and hospitals should submit their requests through the Department of Community & Economic Development’s Electronic Single Application for Assistance, which is available through this link: https://www.esa.dced.state.pa.us/login.aspx?var=5. 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.

CONTACT: Matt Szuchyt- Mszuchyt@pasen.gov