Becker's Healthcare May 16, 2023
California Gov. Gavin Newsom signed legislation creating a $150 million loan program for financially distressed hospitals into law May 15.
The California Assembly approved the Distressed Hospital Loan Program on May 4. It will provide zero-interest cash flow loans to nonprofit and public hospitals on the brink of closure or recently closed. Eligibility criteria are still being developed, though the program is expected to support the reopening of Madera (Calif.) Community Hospital, which shut its doors at the start of the year.
The funds will be administered by the state’s department of healthcare access and information, and the California Health Facilities Financing Authority. Hospitals must submit a plan to the agencies detailing how they plan...
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