On April 10, the PA Infrastructure Investment Authority voted to approve a low-interest, short-term loan program to provide up to $450 million in funding to state hospitals to bridge the gap until federal assistance arrives.
“The federal CARES Act will deliver hundreds of millions of dollars to hospitals, but when that money will arrive is uncertain. The surge in cases is happening now and hospitals need this help now because the virus caseload intensifies each day,” Democratic Leader Rep. Frank Dermody (D-Allegheny), said.
“By making state financing available quickly, hospitals will be able to get doctors and nurses the equipment and supplies they require to handle the surge and save as many lives as possible. This funding is a vital lifesaving tool to help us weather the worst part of the storm,” Rep. Dermody said.
PennVEST was established to provide loans and grants to improve water and wastewater infrastructure throughout the state.
[Note: Last week the Wolf Administration took $30 million from the Underground Storage Tank Indemnification Fund, an insurance fund to provide coverage for leaks from underground tanks, to help fund medical equipment purchases.]
[Posted: April 10, 2020]
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