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Valley Health Extends Paycheck Protection Plan

Valley Health Extends Paycheck Protection Plan

Ensuring Workforce Stability During COVID-19 Uncertainty

Valley Health has extended the Paycheck Protection Plan enacted in April to provide income security to employees during a time of service disruption due to COVID-19. The protection initiative has been extended from an initial 90-day period, set to expire July 25, to remain in effect through the end of the year.

Valley Health implemented the Paycheck Protection Plan in mid-April as a pre-emptive response to significant declines in outpatient care, diagnostic testing, and elective procedures at Valley Health’s six hospitals and outpatient facilities. This reassurance to Valley Health’s employees was announced as hundreds of hospitals and health systems in the U.S. were laying off staff. Valley Health System’s Board of Trustees has authorized the use of reserve funds, if needed, to extend the Paycheck Protection Plan through 2020.

“As our health system and community were confronting COVID-19 and preparing for a potential surge of patients, we wanted our associates focused on one thing – providing safe, high-quality care and protecting their health -- not worrying about their employment status or the financial impact of reduced hours,” said Valley Health President and CEO Mark Nantz. “Our initial commitment to the PPP initiative was for 90 days, and I’m proud to say that during this time, hundreds of our associates were able to maintain at least 70% of their pay and continued benefit coverage.”

The not-for-profit health system employs more than 6,000 dedicated associates, hundreds of whom benefited from the Paycheck Protection Plan after experiencing a reduction in hours due to service closures. While Valley Health’s day-to-day operations have not returned to pre-COVID normal, most full and part time associates have resumed their regular schedules, and the immediate need for the PPP has significantly decreased. But the local impact of the global pandemic has been difficult to predict.

“Acknowledging lingering uncertainty about the course of the virus in the months ahead, our leadership team and Trustees are committed to guaranteeing each associate a minimum of 70% of their regular pay should there be a reduction in hours related to COVID-19,” Nantz said. “Our priority is to remain strong and resilient, with our workforce intact, prepared to safeguard the health of our community.”