Winneshiek Medical Center Board approves $6.5 million loan from the CARES Act

Winneshiek Medical Center will be receiving a forgivable loan from the Small Business Administration in the amount of $6,558,287.

The WMC Board of Trustees unanimously approved the loan on Monday evening.  The loan requires that 75 percent of the funds be spent on payroll costs, keeping people employed who might have lost their jobs because of the coronavirus outbreak.  This falls under the "Paycheck Protections Program" of the CARES Act.

WMC Chief Financial Office Lynn Luloff says at the end of the loan, the Small Business Administration might not require WMC to pay back the money--if WMC can prove the loan money was used to keep employees on the hospital's payroll.