Coronavirus News: Walmart Returns $12.6 Million Health And Human Services Relief Funding Under CARES Act
After receiving $12.6 million in funding from the federal government to financially assist healthcare providers struggling during the coronavirus pandemic, Walmart (WMT) has reportedly given the money back.
Walmart received the funding based on the medical care services it provides and the addition of COVID-19 test sites at its stores. But Walmart said it never asked to receive the financial assistance, Business Insider reported.
“Walmart did not request support from the Provider Relief Fund to get through this crisis,” the company told the news outlet. “The fund is intended to help hospitals and frontline medical providers, so we quickly contacted the Department of Health and Human Services (HHS) about the disbursement and returned the funds.”
Walmart was once of several healthcare providers that returned the money, HHS confirmed..
As much as $30 billion was sent out automatically to healthcare providers to help fight the coronavirus. The funding went to hospitals on the frontlines as well as medical practices that lost revenue because of shutdowns because of the COVID-19 pandemic.
Another $75 billion has been earmarked by President Trump for healthcare providers that will also go out under the CARES Act.
Shares of Walmart stock were down 1.09% as of market close on Wednesday.
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