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Hospital led by biotech billionaire Soon-Shiong approved for PPP aid

FILE PHOTO: Dr. Patrick Soon-Shiong chairman of Chan Soon-Siong Foundation, speaks after receiving "Treasures of Los Angeles" award in Los Angeles

By Chad Terhune

LOS ANGELES (Reuters) - A Pennsylvania hospital led by biotech billionaire Patrick Soon-Shiong won approval for up to $5 million in federal aid for small businesses under a coronavirus pandemic loan program, government data show.

The Chan Soon-Shiong Medical Center in Windber, Pennsylvania, was cleared for a loan of between $2 million to $5 million to help keep 490 workers employed under the U.S. government Paycheck Protection Program (PPP).

Soon-Shiong, 67, is a high-profile biotech executive and physician with an estimated net worth of $7.6 billion, according to Forbes.

He took control of the 54-bed, nonprofit hospital in 2016, and it was renamed for his wife, Michele Chan, and himself. He serves as the hospital's chairman.

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The Paycheck Protection Program enables small businesses harmed by the pandemic to apply for a forgivable government-backed loan from a lender. As part of the application, companies had to certify that “current economic uncertainty makes this loan necessary to support” their ongoing operations.

A spokeswoman for Soon-Shiong did not immediately comment on the loan and whether the hospital used the money. A hospital representative did not respond to a request for comment.

Soon-Shiong runs several medical companies, two of which are working on a potential vaccine to prevent infection by the novel coronavirus - NantKwest Inc and his privately-held ImmunityBio.

He also owns the Los Angeles Times newspaper and is part owner of the Los Angeles Lakers NBA basketball team. In April, the team returned $4.6 million in PPP aid amid scrutiny of the loans.

(Reporting by Chad Terhune; Editing by Bill Berkrot)