WINCHESTER, Va. (WDVM) — The Valley Health System has announced they will be implementing a paycheck protection plan for over 6,000 members of its staff.
The Valley Health board of trustees has authorized up to an additional $50 million to supplement employee pay until July 25.
Valley health CEO and President Mark Merrill says the coronavirus pandemic has caused the postponement of non-emergency procedures and surgeries, resulting in many divisions of their clinics and hospitals seeing reduced hours and revenue.
“So it’s been anywhere from a 35-45% reduction in our revenue,” Merrill said. “So the paycheck protection plan is the organization’s investment to give these people a source of income during a period of time over the next 90 days when their services are not required just due to dampening of demand.”‘
Valley Health is also initiating additional measures including a hiring-freeze for non-essential positions, a reduction of hours for some non-essential staff and requiring the use of paid time off.