The $100 billion Congress allocated for hospitals and health-care providers in its $2 trillion coronavirus rescue bill has been slow to go out and has shortchanged some of the places that need it most, lawmakers and industry groups say. They also say the total sum is woefully inadequate to address the needs created by the virus, which has overwhelmed big-city hospitals even as some providers have experienced a precipitous loss in revenue from elective procedures that has forced them to lay people off in the middle of a raging pandemic.
Dallas-based hospital operator Tenet Healthcare Corp has furloughed roughly 10 percent of its workforce, citing a reduction in elective surgeries and other services precipitated by the coronavirus outbreak, according to a letter sent to employees on Wednesday.
The $349 billion cap for small business loans for the coronavirus stimulus was reached Thursday, taking less than two weeks to run out. Why it matters: While it's a sign that more than 1.3 million small businesses (and some larger ones) will eventually get desperately needed cash, it's now officially a sign that way more is needed. Paycheck Protection Program (PPP) loans are forgivable if used for payroll and rent and similar expenses, and they're designed to keep otherwise healthy businesses afloat during this crisis.
The Arizona Governor's Office on Tuesday told Santa Cruz Valley Regional Hospital it's willing to help keep the doors open during the coronavirus outbreak if it agrees to stipulations that include cuts to executive salaries and opening its books.
Health-care stocks are bouncing. The S&P 500 health-care sector climbed more than 3% on Tuesday in a strong day for the broader market as investors embraced an improving forecast for the coronavirus outbreak. The moves pulled health-care stocks out of correction territory — defined as a 10% drop below a recent peak — with the group now just 8% away from its January top
New York, the hardest hit state, is receiving just $12,000 per patient while North Dakota is receiving $335,000. The more Medicare recipients in Advantage programs, which were instituted to control overall costs, the less money states are getting.
HHS said it used Medicate data to get the funds out the door quickly.