HCHC board of trustees hold special meeting for financial update

MT. PLEASANT - The Henry County Health Center board of trustees received a COVID-19 financial update and approved a loan agreement for Small Business Administration's Payment Protection Program at a special meeting on Friday afternoon.

HCHC's chief financial officer, David Muhs, reported the health center was accepted into the Federal Emergency Management Agency's program for funds.

'I don't know what the outcome will be. I think it will be very limited in what they pay so we'll keep going forward with that,” Muhs said.

The CFO added the center is expecting another federal stimulus check the following week in addition to the $700,000 the center received on April 10. Muhs said he anticipates the incoming funding will be more than the previous $700,000, but does not know exactly how much the center will receive.

Muhs added the center submitted its application for the Small Rural Hospital Improvement Grant Program, and was granted the anticipated $84,000, which will come sometime within the month.

In addition, the CFO noted the center had moved forward with its application for the Advanced Payment Program with Medicare.

'That money, we will have to pay back overtime. The reason why we're doing that is the safety net deal and potentially there's some forgiveness of the program, so those are the reasons why we took that up,” Muhs explained.

Following the financial update, HCHC's CEO Robb Gardner explained the center is looking to apply for the Small Business Administration's (SBA) Payroll Protection Program.

'We did get the green light to move forward with our application. What we're presenting to you in that resolution is to approve us to continue to work toward potentially up to $4 million in payroll protection program with the bank,” Gardner said.

The board approved the resolution unanimously.

Muhs added that though the center has been approved to go forward with their application, it is not a guarantee it would be approved for the program.

'At this time, we think we may be ineligible for it. We are working at the state and federal level to try to get this recognized. But I'm not sure if we're going to be eligible for it at the end of the day,” Muhs said.

The CFO explained the SBA came out with a document that noted organizations that were not a 501(c) (3) would be ineligible. Gardner added various national and state associations are continuing to advocate for hospitals in the state and across the country to be considered for the program.

'It's been very fluid and dynamic,” Gardner added.