305 ILCS 5/5J-18: Application requirements.

(This Section may contain text from a Public Act with a delayed effective date)

(Section scheduled to be repealed on June 30, 2033)

A hospital applying for aid under this Program shall provide the Department with financial information, in a format determined by the Department, demonstrating the hospital's need for bridge financing due to financial hardship.

(1) Before receiving bridge financing under this Program, an eligible hospital shall submit a plan to the Department, with projections detailing the uses of the proposed loan and a structured plan proposed by the hospital's governing body to regain financial viability and continue operations.

(2) Before issuing a loan under this Program, the Department shall review the plan submitted by an eligible hospital and make a determination both that the plan is viable and that there is a reasonable likelihood that the hospital will be able to regain financial viability, continue to operate as a hospital, and be able to repay the loan. The Department shall not issue a loan award if the Department is unable to make these determinations.

(3) All funds loaned in accordance with this Article shall be used as described in the application approved by the Department, which shall be incorporated into any resulting loan agreement. Any misused funds shall be recouped by the Department subject to the recoupment methods under Section 5J-25. In addition to any other remedies provided for by law and without sending a notice of liability, the Department may withhold, as payment of any amounts due and owing as repayment of loans issued in accordance with this Article, reimbursements or other amounts otherwise payable by the Department to the loan recipient, including, but not limited to, amounts otherwise payable from a managed care organization performing duties under contract with the Department.