Loan program approved for local hospitals
Distressed Hospital Loan Program is first step to preserve access
SACRAMENTO — Senator Anna M. Caballero (D-Merced), Speaker-Designate Robert Rivas (D-Salinas) and Assemblywoman Esmeralda Soria (D-Merced) announced the passage of SB/AB 112 approved in both the Senate and Assembly.
The COVID-19 pandemic drained $12 billion from hospitals, and skyrocketing prices for pharmaceutical drugs, staff, and medical supplies have put many hospitals on the brink of collapse.
In December 2022, Madera Community Hospital closed its doors, leaving hundreds of thousands of community members without emergency care and more than 900 employees lost their jobs. Without immediate action, experts warn that dozens of hospitals across the state are at risk of closing or declaring bankruptcy. This would have serious consequences for patient care across the state.