The Coronavirus Aid, Relief and Economic Security (CARES) Act authorized $2.2 trillion in new spending to help individuals and businesses weather the economic downturn caused by COVID-19, as well as to provide critical resources to the health care system. It included a lending program through the Small Business Administration targeted to both for-profit and nonprofit organizations with fewer than 500 total employees and is intended to help businesses maintain their workforce through the economic downturn.
The American Hospital Association (AHA) issued a Special Bulletin that includes information and FAQs on the CARES Act Federal Reserve emergency lending program. It contains information on how much financial assistance may be available to lenders, including hospitals, the loan terms and conditions, and when applications for loans will be accepted, pending further guidance from the Department of Treasury.
