Among the recipients in healthcare granted the most loan funding through the Paycheck Protection Program: rural health systems.
Perry County Health, located in Perryville, Missouri, as well as Southwest Health System in Cortez, Colorado, and Three Rivers Health System in Three Rivers, Michigan—all critical access hospitals—were among organizations receiving loans worth between $5 million and $10 million. Collectively, they reported, the loans will retain more than 750 jobs, according to records of more than 650,000 businesses which received loans released this week by the Small Business Administration.
They are among hundreds of health systems, as well as medical groups, including family practices, outpatient surgery centers, specialty care groups and dental practices, that received loans of at least $150,000 through the PPP, the records show.
RELATED: Rural hospitals prepare for COVID-19 as funding dwindles for needed supplies
Established in response to the COVID-19 pandemic as part of the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, the PPP "is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80% of all small business employees, who are the drivers of economic growth in our country,” said Treasury Department Secretary Steven Mnuchin in a statement.
The healthcare industry was the top recipient of loans under the PPP through the end of June, the Trump administration said Monday. The PPP has issued $521 billion in loans so far, officials said. The average loan size is approximately $100,000.
Here's a look at health systems that received loans of between $5 million and $10 million and reported retaining about 1,970 jobs
- North Philadelphia Health System in Philadelphia
- Notre Dame Health System in New Orleans
- Perry County Health in Perryville, Missouri
- Southwest Health System in Cortez, Colorado
- Three Rivers Health in Three Rivers, Michigan
- Utah Navajo Health System in Montezuma Creek, Utah
Here's a look at health systems that received loans of between $2 million and $5 million and reported retaining about 6,520 jobs:
- AcuteCare Health System in Oceanport, New Jersey
- Cabin Creek Health Systems in Charleston, West Virginia
- Carson Tahoe Health in Carson City, Nevada
- Choptank Community Health System in Denton, Maryland
- Community Health Systems in Moreno Valley, California
- Community Health Systems in Beckley, West Virginia
- Community HealthCare System in Onaga, Kansas
- Eastern Shore Rural Health System in Onancock, Virginia
- Esperanza Health Systems in Hunt, Texas
- Hancock County Health System in Britt, Indiana
- Jessie Trice Community Health System in Miami
- Mackinac Straits Health System in Saint Ignace, Michigan
- Mille Lacs Health System in Onamia, Minnesota
- Mitchell County Hospital Health Systems in Beloit, Kansas
- Seaside Health System in Shreveport, Louisiana
- Spectracare Health Systems in Dothan, Alabama
- Spooner Health Systems in Spooner, Wisconsin
- St. Camillus Health System in Wawatosa, Wisconsin
- St. Clair Darden Health System in South Bend, Indiana
- Taos Health Systems in Taos, New Mexico
- Valley Health Systems in Huntington, West Virginia
- Valley-Wide Health Systems in Alamosa, Colorado
RELATED: Hospital stocks are getting hammered by COVID-19
In March, the $2.2 trillion economic stimulus package was passed, which included $100 billion to hospitals to help them recover lost finances. The Centers for Medicare & Medicaid Services also expanded its accelerated and advance payment programs that will enable most providers and suppliers to request up to 100% of their Medicare payment amount for a three-month period.
Major health systems around the country reported being recipients of that relief. Among them are publicly traded health systems that make up some of the largest organizations in the nation. In its quarterly earnings report, HCA Healthcare disclosed it received about $700 million in stimulus funds from the first phase of the public health and social services emergency fund and about $4 billion in accelerated Medicare payments. Tenet Healthcare disclosed it received $345 million in stimulus funds, and Universal Health Services reported it received $195 million in stimulus funds and $375 million in accelerated Medicare payments.
Community Health Systems received about $245 million in grants under the CARES Act as well as $1.2 billion in accelerated Medicare payments.