This is an archived article and the information in the story may be outdated. Please check the time stamp on the story to see when it was updated last.
CVS just made a huge announcement, deciding to return the $43 million the company received from the federal government for coronavirus relief. Explaining the decision, the company said that it did not request the money but was given it as part of the CARES Act Provider Relief Fund. According to the Department of Health and Human Services, the CARES Act Provider Relief Fund gives $175 billion to hospitals and health care providers involved in the coronavirus response.
Keep reading for all the details!
CVS chief executive Larry Merlo explained the decision to return the money in a letter to HHS Secretary Alex Azar, writing, "CVS Health recently received approximately $43.3 million through the CARES Act Provider Relief Fund. As you know, CVS Health did not solicit these funds but received them as part of an automatic distribution by the Department of Health and Human Services. We have made the decision to return the funds and forgo participation in subsequent disbursements."
By returning the money, CVS hopes it can be given to other providers in need of financial assistance during this time.
"In doing so, we hope to help HHS provide additional support to other providers who are facing significant financial challenges as a result of the pandemic," the letter continued.
The letter also outlines some of CVS's plans for the future: "As you know, our response to the pandemic continues to accelerate, with plans to establish 1,000 COVID-19 test sites at select CVS Pharmacy drive-thru locations by the end of May."
CVS has purposefully established these sites in communities that have the greatest need: "Recognizing that underserved communities are disproportionately affected by the virus, more than half of those sites will serve communities with the greatest need as measured by the Centers for Disease Control and Prevention Social Vulnerability Index."
