HHS Extends Medicaid and CHIP Provider Relief Fund Deadline
Today (July 17th), the Department of Health and Human Services (HHS) announced that the application deadline for the CARES Act Provider Relief Medicaid and CHIP distribution has been extended to August 3rd. HHS plans to distribute approximately $15 billion to eligible providers that participate in state Medicaid and CHIP programs but who do not receive a payment from the $50 billion General Distribution.
More information is available here.
HHS to Distribute Additional $10 Billion to High-Impact COVID-19 Area Hospitals
Today, HHS, through the Health Resources and Services Administration, announced that the agency will begin distributing $10 billion in a second round of high impact COVID-19 area funding to hospitals starting next week. The second round of funding announced today was based on a formula for hospitals with over 161 COVID-19 admissions between January 1st and June 10th, 2020, or one admission per day, or that experienced a disproportionate intensity of COVID admissions. Hospitals will be paid $50,000 per eligible admission.
More information is available here, and the current list of hospital recipients is available here.
Main Street Lending Program Expanded to Non-Profits
Today, the Federal Reserve Board modified the Main Street Lending Program to allow nonprofit organizations such as educational institutions, hospitals, and social service organizations access to credit through two new loan options: Nonprofit New Loans, and Nonprofit Expanded Loans. The two new credit facilities will facilitate loans to organizations with at least 10 employees. Nonprofit organizations will be able to obtain loans of at least $250,000 and up to $300 million. To qualify for a loan through the program, nonprofit borrowers must have been in operation at least five years and have less than $3 billion in endowment.
The New Loan Facility Term Sheet is available here, and the Expanded Loan Facility Term Sheet is available here.