Several hospitals have warned that they are struggling financially after the strains of the pandemic. A new loan program, if approved, could offer short-term relief.
will soon be able to apply for interest-free state loans, although key questions about the selection process aren’t yet resolved.that will allocate a one-time sum of $150 million from the general fund to aid hospitals that are facing severe financial distress and are at risk of closure, or that have closed but have a plan to reopen. The loans would have to be paid back within six years, although loans may be forgiven for hospitals that meet certain requirements. Gov.
at the start of this year, which left this San Joaquin Valley county of 160,000 people without a local emergency room.“This bill, this money, will keep them open long enough to be able to perhaps sell, regroup, whatever, but they will keep their doors open,” Sen. Bob Archuleta, a Cerritos Democrat whose district includes Montebello, said on the Senate floor.
It’s not clear exactly how many hospitals could qualify and how much each will get, according to officials from the state Department of Finance who testified in a budget committee hearing earlier this week. That will be determined by the agencies in charge, who will have to create eligibility criteria for these loans.
In hearings leading to Thursday’s vote, lawmakers asked why the state wasn’t conducting its own analysis of hospitals’ current situation so that the Legislature knows exactly which hospitals are in immediate need of relief.
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