Hospital led by biotech billionaire Soon-Shiong approved for PPP aid [Reuters]
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Source: Reuters
Hospital led by biotech billionaire Soon-Shiong approved for PPP aid LOS ANGELES (Reuters) - A Pennsylvania hospital led by biotech billionaire Patrick Soon-Shiong won approval for up to $5 million in federal aid for small businesses under a coronavirus pandemic loan program, government data show. The Chan Soon-Shiong Medical Center in Windber, Pennsylvania, was cleared for a loan of between $2 million to $5 million to help keep 490 workers employed under the U.S. government Paycheck Protection Program (PPP). Soon-Shiong, 67, is a high-profile biotech executive and physician with an estimated net worth of $7.6 billion, according to Forbes. He took control of the 54-bed, nonprofit hospital in 2016, and it was renamed for his wife, Michele Chan, and himself. He serves as the hospital’s chairman. The Paycheck Protection Program enables small businesses harmed by the pandemic to apply for a forgivable government-backed loan from a lender. As part of the application, companies had to certi
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