COVID-19 Emergency HELP Loan Program

Details
Purpose:
This program will provide low cost loans with more flexible terms for health facilities in the state of California that have been impacted by the COVID-19 pandemic.
Description:
Eligibility
General Requirements:
-Annual gross revenues cannot exceed $30 million as shown on the most recent audited financial statement (No revenue limit for qualifying rural health facilities and district hospitals)
-Must be a health facility as defined in the Authority's Act (Section 15432(d) of the California Government Code)
-Must be a non-profit 501(c)(3) corporation or a public health facility (e.g., District hospital) as defined in the Authority’s Act (Section 15432(e) of the California Government Code)
-Must have been in existence for at least three years, providing the same types of services
-Must provide evidence acceptable to the Authority that the health facility has been impacted by the COVID-19 pandemic and that loan proceeds will be used to address the impact
-Must demonstrate evidence of fiscal soundness and the ability to meet the terms of the proposed loan
-For construction, remodeling, renovation, and improvement projects, must show readiness to begin projects within 30 days after approval
Uses of Funds
Funds may be used for:
-Construction, remodeling, renovation, and/or improvements
-Equipment and/or furnishings
-Day-to-day operational expenses (working capital)
-Reimbursement of prior expenditures related to the COVID-19 pandemic
Funds may NOT be used for:
-Funding start-up projects
-Refinancing outstanding loans
Loan Terms
-0% fixed interest rate
-Loan maximum is $250,000
-Maximum loan maturities vary:
-Construction/remodeling/renovation/improvements – Up to 20 years
-Equipment/furnishings – The lesser of either:1) the useful life of the equipment/furnishings; 2) up to 5 years
-Working capital – Up to 15 months
-Gross revenue pledge and lien on real property and/or equipment/furnishings,whichever is applicable
-Pro forma debt service coverage ratio of at least 1.0x
-No prepayment penalties
Fees
-No application fee
-Closing fee: 1% of the loan amount, which could be deducted from the loan proceeds
Required Documentation
-Evidence of real property value, equipment/furnishings value, and/or estimates of operating expenses
-Three most recent fiscal years of audited financial statements
-Evidence that the borrower has been impacted by the COVID-19 pandemic and that loan proceeds will be used for the purpose of addressing the impact
Eligibility Requirements
Eligible Applicants:
- Nonprofit
- Public Agency
-Must be a health facility as defined in the Authority's Act (Section 15432(d) of the California Government Code) -Must be a non-profit 501(c)(3) corporation or a public health facility (e.g., District hospital) as defined in the Authority’s Act (Section 15432(e) of the California Government Code)
Eligible Geographies:
None.
Important Dates
Funding Details
How to Apply
State agencies/departments recommend you read the full grant guidelines before applying.
Resources
Similar to This Grant
-
Agriculture Governor's Office of Planning and Research Integrated Climate Adaptation and Resiliency Program's Climate Adaptation Planning Grant
4 weeks ago More Details about Integrated Climate Adaptation and Resiliency Program's Climate Adaptation Planning Grant -
Disaster Prevention & Relief Governor's Office of Emergency Services FY 2021 Homeland Security Grant Program (HSGP) for Federally-Recognized Tribes in California RFP
4 months ago More Details about FY 2021 Homeland Security Grant Program (HSGP) for Federally-Recognized Tribes in California RFP -
Disadvantaged Communities Department of Water Resources Proposition 1 Round 2 Integrated Regional Water Management (IRWM) Implementation Grant Program
5 months ago More Details about Proposition 1 Round 2 Integrated Regional Water Management (IRWM) Implementation Grant Program -
Disaster Prevention & Relief Department of Fish and Wildlife Oil Spill Response Equipment Grant
5 months ago More Details about Oil Spill Response Equipment Grant