CA AB2637

Removes the 2-year cap on interest for working capital loans made by the California Health Facilities Financing Authority to participating health institutions.

Eliminates the 24-month repayment requirement for private nonprofit health institutions borrowing for working capital purposes.

Requires the authority to establish financial eligibility standards for working capital loans by evaluating creditworthiness, pledged revenues, debt service coverage, and basic security of the participating health institution.

Prohibits health institutions determined to be in financial distress from being deemed financially eligible for working capital loans.

Makes an appropriation from the continuously appropriated California Health Facilities Financing Authority Fund to support long-term working capital financing for nonprofit health institutions, particularly those addressing COVID-19 pandemic-related expenses.