Decisions on the loan recipients will be made according to the priority and amounts set by a committee consisting of the New Jersey Commissioner of Health or her designee, the Executive Director of the Authority and the Authority’s Director of Research, Investor Relations and Compliance. Additionally the loan will specify how the requested funds will be used: for instance, the acquisition of any property, or acquisition, construction or renovation of any building, acquisition of any equipment, including ventilators, acquisition of any supplies, medications or personal protective equipment, hiring of any staff, consultants or temporary workers, or reopening formerly closed hospital beds/wings, etc.
Principal payments would be required within 30 days of receipt of any COVID-19 Aid by the recipient health care organization in the amount of such COVID-19 Aid received, if any, until the loan is fully repaid.
The NJHCFFA expects to begin receiving requests as early as next week. Health care organizations treating COVID-19 patients may contact the New Jersey Health Care Facilities Financing Authority at email@example.com if they are interested in applying for a loan through the program.