MVH awarded $15 million emergency loan
Mon Valley Hospital is one of more than two dozen across the state that are receiving emergency loans through a program intended to help the medical facilities continue operating during the COVID-19 pandemic.
State officials announced the allotments of funds on Thursday. MVH is to receive $15 million through the program, which is being administered by the Department of Community and Economic Development.
The Hospital Emergency Loan Program is part of the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, a relief package signed into law a month ago.
“Our No. 1 priority is protecting the health and well-being of Pennsylvanians, and that priority extends from the home to the hospitals,” Gov. Tom Wolf said in a prepared statement. “By distributing this emergency funding to our commonwealth’s health care system, we are safeguarding our hospitals working hard to combat this virus.”
Hospitals across the state took financial losses during the pandemic, at least in part because of postponements of many elective procedures that normally account for a portion of their revenue.
The Pennsylvania Infrastructure Investment Authority, also known as PENNVEST, is dispersing the funds to 31 hospitals statewide. The loans total $323.9 million.
MVH spokesperson Andrew Bilinsky said the short-term loan would be used to help cover payroll, costs of medical supplies and other expenses.
“We are grateful to the Wolf administration for making this money available to help front line hospitals during these unusual times created by this pandemic,” Bilinsky said.
Bilinsky wasn’t sure of the timeline for repayment of the loan.