CVS Health Is Giving Back $43 Million in Coronavirus Relief Funds

MIAMI, FL - OCTOBER 04: Luanne Boiko receives an influenza vaccination from nurse practitioner, Leslie Suarez, at the CVS Pharmacy store's MinuteClinic on October 4, 2018 in Miami, Florida. CVS stores will provide flu vaccinations at their MinuteClinic as well as the pharmacy and according to the Centers for Disease …
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CVS Health announced it is giving back the $43 million it received in coronavirus relief funds from the government.

CVS Chief Executive Larry Merlo wrote in a letter Tuesday to Health and Human Services (HHS) Secretary Alex Azar that his company automatically received the money through the CARES Act Provider Relief Fund, which according to the HHS gave $175 billion to hospitals and health care organizations involved in the coronavirus response, and that his company did not request the money.

“We have made the decision to return the funds and forgo participation in subsequent disbursements,” Merlo said. “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.”

CVS Health has continued to operate during the pandemic and has even indicated it would be hiring additional people. In March, the company said it would hire 50,000 people across the U.S.

The following month, the company announced that it would expand its coronavirus testing capabilities.

But the pandemic has affected the company’s stock, as shares of CVS have gone down more than 14 percent since the beginning of the year.

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