The $412 billion includes $312 billion through Congress, $100 billion through the Trump administration, and at least $331 million through the Federal Reserve.
The federal government has authorized, spent, or committed $412 billion in coronavirus pandemic emergency funding for the healthcare sector, with more than 70% going directly to hospitals and other healthcare providers, a new analysis shows.
The Committee for a Responsible Federal Budget study said the $412 billion includes $312 billion through Congress, $100 billion through the Trump administration, and at least $331 million through Federal Reserve actions.
"A large portion of the money allocated thus far has gone to the health industry," the report said. "So far, roughly $291 billion (71%) of financial support to the health industry has been disbursed or committed."
CRFB said the emergency spending should result in a net deficit of $312 billion after loans and advanced payments are repaid.
Through the Trump administration, the provider relief includes $100 billion of advanced payments to Medicare providers, which will have to be repaid with interest.
Additionally, loan programs account for $58 billion of funds authorized and disbursed to the healthcare sector.
The Paycheck Protection Program (PPP) has paid $57.9 billion of forgivable loans to small businesses in the health industry.
The Federal Reserve has purchased at least $319 million of large health care company bonds through its Corporate Credit Facility. CRFB said the figure is likely higher because they could only track bond purchases greater than $4 million.
CRFB estimates that the healthcare sector has received as much as $20 billion or more in Economic Injury Disaster Loans—assuming proportionality to the PPP.
Other authorized funds include $32 billion to support COVID-19 preparedness, $9 billion in health-related tax breaks, and several billion of additional spending.
Congress has also committed $11.2 billion for vaccine research, development, and manufacturing, including $2.5 billion to Moderna, $2.1 billion to GlaxoSmithKline, $2 billion to Pfizer, $1.6 billion to Novavax, $1.5 billion to Johnson & Johnson, $1.2 billion to Astrazeneca, and $450 million to Regeneron Therapeutic.
“So far, roughly $291 billion (71%) of financial support to the health industry has been disbursed or committed."”
Committee for a Responsible Federal Budget
John Commins is the news editor for HealthLeaders.
KEY TAKEAWAYS
The provider relief includes $100 billion of advanced payments to Medicare providers, which will have to be repaid with interest.
Additionally, loan programs account for $58 billion of funds authorized and disbursed to the healthcare sector.
The Paycheck Protection Program has paid $57.9 billion of forgivable loans to small businesses in the health industry.
The Federal Reserve has purchased at least $319 million of large health care company bonds through its Corporate Credit Facility.
The healthcare sector has received as much as $20 billion or more in Economic Injury Disaster Loans—assuming proportionality to the PPP.