Meeting in special session via teleconference Monday, the Wabash General Hospital Board of Directors voted unanimously to borrow more than $3.8 million from First National Bank in Mt. Carmel under the Small Business Administration’s paycheck protection program. WGH President and CEO Karissa Turner said provisions of the act could prove very beneficial to the hospital…
Even if the note isn’t forgiven by the SBA, board members said the interest is at a low 0.98% rate with 24 months to repay. Board member Janet Storey is a CPA and she backed the proposal…
Under terms of the program, the hospital will have disperse the funds within 8 weeks. The average payroll at Wabash General is $1.5 million per pay period. Turner said the plan protects employees at WGH….
The vote to approve borrowing the money was unanimous with board chairman Rob Coleman abstaining because of his ties to the First National Bank.