Local hospitals receive funding from state loan program
May 1, 2020
Paul J. Gough
Pittsburgh Business Times
Monongahela Valley Hospital and hospitals in two outlying counties are among those across Pennsylvania sharing in $323 million in loans from the Wolf administration to help them in the Covid-19 crisis.
Mon Valley Hospital will receive $15 million from the Hospital Emergency Loan Program that was announced early in the state's response to the novel coronavirus. Armstrong County Memorial Hospital will receive $12 million and Indiana Regional Medical Center will receive $10 million. They are the only three applications to be approved in southwestern Pennsylvania.
The money is specifically set aside for working capital for personnel, equipment and personal protective equipment to help fight Covid-19.
Most of the rest of the successful applicants are in eastern Pennsylvania, where the virus has hit with a harder force.
"This funding will allow our hospitals to hold steady in that fight with the peace of mind that they have access to the resources they need to provide critical care to their communities," Gov. Tom Wolf said in a statement.
The loans were provided by the Pennsylvania Infrastructure Investment Authority (PENNVEST) and the administrator will be the Pennsylvania First Program at the Pennsylvania Department of Community and Economic Development.