As an replace to our earlier put up, on Monday, Might 15, 2023, California Governor Gavin Newsom signed into legislation Meeting Invoice 112 (“AB 112”), which is designed to supply important reduction to certified struggling hospitals throughout the state. AB 112 creates the $150 million Distressed Hospital Mortgage Program, which is meant to supply zero-interest money move loans to certified not-for-profit and public hospitals experiencing monetary misery, in addition to certified authorities entities representing hospitals that closed after January 1, 2022. Hospitals throughout California, notably these in underserved areas or serving susceptible populations, have been hit laborious by rising prices, finances cuts and strains on assets brought on by the COVID-19 pandemic. By securing entry to essential capital, hospitals might be able to maintain their operations, keep staffing ranges, and proceed supply of care to their communities. Recognizing this, the California Legislature unanimously handed AB 112 in each chambers earlier this month. With Governor Newsom’s seal of approval, certified hospitals could apply for loans via the Misery Hospital Mortgage program and acquire some wanted reduction.
