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On June 20, the state released the application for the Distressed Hospital Loan Program, which will provide no-interest and potentially forgivable loans to not-for-profit and public hospitals that are part of systems of no more than two hospitals. The program is jointly administered by the Department of Health Care Access and Information (HCAI) and the California Health Facilities Financing Authority.
To be considered for the first round of funding, hospitals must email their application as a PDF attachment by 5 p.m. (PT) on July 31 to chffa@treasurer.ca.gov. The application asks for information on a hospital’s current financial standing, including its latest audited and unaudited financial statements, payer mix, and turnaround plan describing and projecting actions planned to regain financial viability.
HCAI is willing to conduct a preliminary eligibility determination prior to submission of a turnaround plan if a hospital submits an otherwise completed application by no later than 5 p.m. (PT) on June 30.
Please do not hesitate to reach out to CHA’s Ben Johnson with any questions.