The Russell County Hospital board has voted unanimously to pursue a loan of almost three million dollars as a result of the Covid-19 pandemic. The board met yesterday afternoon via teleconferencing to consider the information shared with them by hospital CEO, Patrick Branco.
The funds are available to the local hospital through additional stimulus money recently approved by Congress. Branco told the hospital board members the money can be used for expenses such as utilities, mortgage payments, and more importantly, to maintain the salary of hospital employees and staff.
Branco recommended the hospital seek a loan of two point eight million dollars, which is based on an eight-week period of expenses at the hospital. Under the loan thru the Small Business Administration, if the hospital spends the $2.8 million in the initial eight weeks after receipt of the money, the loan is forgiven.
Any money not used would be repaid at one percent interest over 24 months.
Upon motion by board member Winfrey Bates, seconded by Neal Dalton, the loan request was approved. The board also expressed appreciation to the First National Bank of Russell Springs which worked very quickly and promptly to allow the hospital to take advantage of these funds.
