Pennsylvania Governor Tom Wolf (D) on Friday announced more than $450 million in low-interest loans meant to keep hospitals afloat as they continue to lose revenue amid the coronavirus pandemic, TribLive.com reported. Hospitals statewide have canceled elective surgeries and nonurgent procedures to free up bed space and limit the spread of covid-19. At the same time, they have shifted medical equipment and other resources to meet the state’s virus needs. Wolf said that combination of increased costs and decreased revenue has shaken hospitals financially. “We cannot allow our hospitals to go bankrupt,” he said. The loan package — the Hospital Emergency Loan Program — will provide immediate funding to hospitals, according to the governor’s office. The funding is from the Pennsylvania Infrastructure Investment Authority (PennVEST) and will be administered by the Department of Community and Economic Development.
