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.