Philadelphia Hospitals Getting $73M In Coronavirus Funding

PHILADELPHIA — Several Philadelphia hospitals were recently approved to receive about $73 million in emergency loans from the state to help provide the resources needed to protect patients and workers as they continue to handle the coronavirus outbreak.

A total of 31 hospitals statewide have had their funding approved through the Hospital Emergency Loan Program, with $324 million already approved.

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Six University of Pennsylvania properties are getting funding to the tune of $50 million. They include Pennsylvania Hospital, Hospital of the University of Pennsylvania, and Penn Presbyterian Medical Center.

Additionally, Wills Eye Hospital is getting $2.9 million, while Albert Einstein Medical Center and Roxborough Memorial Hospital are getting $10 million each.

"As Pennsylvania continues to practice social distancing, we have successfully flattened the curve, but we know that our fight against COVID-19 is far from over," Gov. Wolf said in a statement Thursday. "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."

>>PA Announces Emergency Coronavirus Loan Program To Help Hospitals

Holy Redeemer's $20 million loan was the largest amount disbursed to a single hospital through the program.

The loans are not interest free, but "low interest," the state said. The program is intended as a short-term stopgap measure to provide support for hospitals until federal funding kicks in.
Specifically, the loans are meant to ensure facilities have enough staff, medical equipment, and protective gear to safely and effectively treat patients and stop the spread of coronavirus.

Hospitals may use the funds to cover any costs occurred between March 1 and Sept. 1.

Applications to the program were opened up on April 13 and closed on April 20.

A full list of approved projects is available here.