Mobile Menu

  • Facebook
  • Instagram
  • Twitter
  • YouTube
en English
ar Arabiczh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchit Italianes Spanish
  • 🍹 LOCAL RESTAURANTS
    • DENTON
    • FLOWER MOUND
    • FRISCO
    • GARLAND
    • LEWISVILLE
    • MCKINNEY
    • PLANO
    • PROSPER
    • 🌮 ALL Restaurant News
  • 📍 LOCAL NEWS
  • Kids + Family
    • DIY HAND SANITIZER
    • NATIONAL PARKS – VIRTUAL TOUR
    • 🧪 KIDS SCIENCE
    • EDUCATIONAL VIDEOS
    • 151 FREE HOMESCHOOL IDEAS
    • ART MUSEUMS – VIRTUAL TOUR
    • DIY BABY WIPES
    • TOILET PAPER ROLL CRAFTS
    • 🍔 2020 KIDS EAT FREE LIST
  • 💰 SAVE MONEY
    • HOME + GARDEN TIPS
  • 📩 STAY IN THE LOOP
  • 📣 Submit A Story
  • PARTNERSHIPS
  • MEET THE TEAM
  • ✈️ Travel
    • FREE Guide: Ultimate Texas Bucket List
  • ✨ Culture
    • Dallas Culture
    • Sports and Entertainment
    • 📍 Places To Go
      • FREE Guide: Ultimate Texas Bucket List
      • Spring Break
    • Charities and Causes
  • 🥳 Celebrate!
    • New Years Eve
    • Super Bowl Sunday!
    • Valentine’s Day
    • St. Patrick’s Day
    • Spring Break
    • Thanksgiving
    • Christmas
  • Shopping
  • 🏠 Your Community
    • dallas
      • dallas tourist spots
      • dallas design district
      • deep ellum
      • downtown dallas
      • highland park
      • preston hollow
      • state fair of texas
      • trinity groves
    • fort worth
      • fort worth museum
      • fort worth stockyards
      • fort worth water gardens
      • things to do in fort worth
    • arlington
    • irving
      • las colinas
    • denton
    • frisco
      • frisco sports
      • the star
    • plano
      • legacy west
      • things to do in plano
    • mckinney
    • flowerplex
      • double oak
      • flower mound
      • highland village
      • lantana
      • lewisville
      • argyle
      • bartonville
    • corinth
    • hickory creek
    • lake dallas
    • little elm
    • north dfw
      • addison
      • allen
      • carrollton
      • colleyville
      • the colony
      • coppell
      • fairview
      • farmers branch
      • garland
      • grapevine
      • roanoke
      • richardson
      • rockwall
      • southlake
      • terrell
    • waxahachie
    • south dfw
      • cedar hill
      • crowley
      • grand prairie
      • mansfield
    • mid-cities
      • euless
    • ellis county
      • ennis
    • decatur
    • palo pinto
      • downtown mineral wells
      • mineral wells
      • mineral wells state park
      • possum kingdom lake
  • Menu
  • Skip to right header navigation
  • Skip to primary navigation
  • Skip to secondary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Before Header

en English
ar Arabiczh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchit Italianes Spanish
  • Facebook
  • Instagram
  • Twitter
  • YouTube

Metroplex Social

Metroplex Social is your daily source for breaking news, trending topics, culture, entertainment, and more!

Header Right

  • Local News
  • SEARCH Local
    • SEARCH Local
    • Get Your FREE Local Guide
    • Submit a Business
    • Submit a Charity
  • Submit a Story
  • Meet Our Team
  • Partnerships
  • Your Community
    • dallas
      • bishop arts district
      • dallas arts district
      • downtown dallas
      • highland park
      • preston hollow
      • turtle creek
    • fort worth
      • sundance square
      • benbrook
      • haltom city
      • kennedale
      • north richland hills
    • arlington
    • irving
      • las colinas
    • denton
    • flowerplex
      • flower mound
      • highland village
      • argyle
      • bartonville
      • double oak
      • lantana
      • lewisville
    • grapevine area
      • grapevine
      • colleyville
      • southlake
      • roanoke
    • lake cities
      • corinth
      • hickory creek
      • lake dallas
    • mid-cities
      • euless
    • north dfw
      • addison
      • allen
      • carrollton
      • the colony
      • coppell
      • fairview
      • farmers branch
      • little elm
      • Melissa
      • parker
      • richardson
    • south dfw
      • cedar hill
      • crowley
      • garland
      • grand prairie
      • rockwall
      • terrell
    • frisco
    • mckinney
    • plano
      • legacy west
      • things to do in plano
    • ellis county
      • ennis
      • waxahachie
    • decatur
    • denison
    • palo pinto county
      • mineral wells
      • mineral wells state park
      • palo pinto
      • possum kingdom lake
    • weatherford
  • LOCAL NEWS
  • 🍹 RESTAURANTS: LOCAL
    • DENTON RESTAURANTS
    • FLOWER MOUND RESTAURANTS
    • FRISCO RESTAURANTS
    • GARLAND RESTAURANTS
    • LEWISVILLE RESTAURANTS
    • MCKINNEY RESTAURANTS
    • PLANO RESTAURANTS
    • PROSPER RESTAURANTS
    • ALL RESTAURANT NEWS
  • Travel
    • FREE Guide: Ultimate Texas Bucket List
    • Spring Break
  • CULTURE
    • PLACES TO GO
      • FREE Guide: Ultimate Texas Bucket List
      • Spring Break
    • DALLAS CULTURE
    • Charities and Causes
    • Sports and Entertainment
    • PARENTING IN QUARANTINE
    • Celebrate!
      • New Years Eve
      • Super Bowl Sunday
      • Valentine’s Day
      • St. Patrick’s Day
      • Spring Break
      • Thanksgiving
      • Christmas
    • Social and Lifestyle
  • HOME + GARDEN
  • KIDS + FAMILY
    • DIY HAND SANITIZER
    • DIY BABY WIPES
    • 151 FREE HOMESCHOOL IDEAS
    • KIDS SCIENCE EXPERIMENTS
    • HUGE LIST of VIRTUAL TOURS
    • TOILET PAPER ROLL CRAFTS
    • EDUCATIONAL VIDEOS
    • MAKE SOCIAL DISTANCING FUN
    • HOMESCHOOL P.E. IDEAS
    • NATIONAL PARKS – VIRTUAL TOUR
    • ART MUSEUMS – VIRTUAL TOUR
You are here: Home / News / Even Elite Private Schools With Huge Endowments Got PPP Loans, Mnuchin Tells Them To Return Money
elite private schools large endowments got ppp loans cares act wealthy

Even Elite Private Schools With Huge Endowments Got PPP Loans, Mnuchin Tells Them To Return Money

May 2, 2020 //  by Allie//  1 Comment

Share
Tweet
Pin
113 Shares

The backlash and subsequent fallout over blatant abuse of the Payment Protection Program is widening. The PPP loan program under the 2020 CARES Act was marketed by Congress and government as a way to “bridge the gap” for small businesses shutdown during the coronavirus pandemic. Instead, large companies and heavily funded organizations gobbled up money effectively leaving real small businesses and self-employed persons with nothing to help them weather the storm.

RELATED: ENTIRE List of Companies Returning PPP Small Business Loans

RELATED: Publicly Traded Companies Took More Than $1 BILLION In PPP Loans From Actual Small Businesses

elite private schools large endowments got ppp loans cares act wealthy
St. Andrew’s Episcopal School | SAES website

These Elite Private Schools Got PPP Loans, Mnuchin Tells Them To Return Money

Not only have we learned that over $1 BILLION in PPP loan funds went to publicly traded companies, we also know through SEC filings that large companies with access to millions of dollars in cash, credit, and alternative funding sources also received the loans administered by the Small Business Administration.

Other institutions that received PPP loans include elite private schools for kids of wealthy parents.

Sidwell Friends, located in Washington DC, counts among its alumni Chelsea Clinton and Malia and Sasha Obama. Sidwell Friends plans to keep the taxpayer-backed $5.2 million PPP loan. They have an endowment of more than $53 million. Annual tuition to Sidwell Friends for the 2020-2021 school year costs as much as $46,490 per student, not including additional fees.

Another elite school that received a PPP loan is St. Andrew’s Episcopal in Maryland where Barron Trump is a student. St. Andrew’s Episcopal says they plan to accept the funds despite having an endowment of more than $8 million, according to a 2017 tax filing. They did not say how much they’re getting. Annual tuition to St. Andrew’s Episcopal for 2020-2021 school year is $44,590 per student, not including additional fees.

Other notable private schools including the Francis W. Parker School in Chicago, St. Patrick’s Episcopal Day School in Washington DC, and The Westminster Schools in Atlanta said they did not apply for a PPP loan.

The Latin School in Chicago, which the Illinois governor’s own children attend, received a loan but then returned it after backlash in the community.

elite private schools large endowments got ppp loans cares act wealthy
Manor House at Sidwell Friends | Sidwell Friends Website

PPP “Funds Were Not Intended For Institutions Like Us”

Nick Saracino, a spokesman for Francis Parker, said the school did consider applying for the loan but “decided that the loan was intended for others in greater needs than our institution.”

“There’s no doubt we will be affected by this pandemic but those particular funds were not intended for institutions like us,” he added. The boarding school withdrew its application to the program.

The Episcopal High School in Alexandria, Virginia also withdrew their loan application stating the school decided that it “should not seek this kind of support when others need it more.”

“We thought it was not appropriate to move forward,” said Charles M. Stillwell, the head of Episcopal High School, which includes John McCain among its alumni and has an estimated endowment of $200 million.

DALLAS HOTELIER MONTY BENNETT GOT $126.4 MILLION PPP LOANS – NO PLANS TO RETURN IT

monty-bennett-ashford-hospitality-cares-act-hotel-dallas-biggest-ppp-loan-2-2

Big Companies And Elite Private Schools Have Unfair Competitive Advantage

Bigger institutions are able to tap their board members and donors who have connections to banks.

Jennifer S. Danish, head of school at Grace Episcopal Day School in Kensington, Maryland has this to say, “It’s kind of a wild thing that’s happening–you can see the pitfalls with the program. If you have a board member or a connection with a big bank, you’re more likely going to get it.” The private school serves mostly middle-class students.

Treasury Secretary Steven Mnuchin called on private schools with major endowments to return PPP funds they received from the taxpayer-backed Paycheck Protection Program, after media reports of some elite schools applying for the loans meant to keep smaller businesses afloat during the coronavirus pandemic.

Even the elite private school Steven Mnuchin’s own two kids attend got PPP small business loans. The Brentwood School sent a letter out to parents last week informing them that they had received the loan.

“It has come to our attention that some private schools with significant endowments have taken #PPP loans. They should return them,” Mnuchin wrote on Twitter Friday.

It has come to our attention that some private schools with significant endowments have taken #PPP loans. They should return them. @SBAgov #CARESAct #PPPLoans

— Steven Mnuchin (@stevenmnuchin1) May 1, 2020

Private schools are within their legal right to apply for the loan, as are many businesses, even as stimulus programs have been quickly exhausted of funds during the first round, some notable and deep-pocketed private organizations that received money have faced public scrutiny. A number of organizations, including the Los Angeles Lakers and the restaurant Shake Shack, have said they plan to return loans.

Administered by the Small Business Administration, the now $660 BILLION assistance program has been beleaguered by technical glitches, politicians fighting for their own self-interests on both sides, blatant shuffling of loans by banks to favor larger commissions, and multiple changes to the taxpayer-backed program after it was first launched April 3–leaving real small businesses and self-employed persons having applied for a loan that now has completely different terms than what they signed up for in the beginning.

TACO CABANA, POLLO TROPICAL RETURNING $15 MILLION PPP LOANS

fiesta restaurant group ppp loan 15 million pollo tropical taco cabana dallas

These Elite Private Schools Got PPP Loans, Mnuchin Tells Them To Return Money

Elite private schools with large endowments attended by the kids of wealthy parents have applied for and received PPP loans under the 2020 CARES Act.

More On Metroplex Social:

  • ENTIRE List of Companies Returning PPP Small Business Loans
  • ENTIRE List of Publicly Traded Companies That Got the BIGGEST PPP Loans
  • Taco Cabana, Pollo Tropical Returning $15 MILLION PPP Loan Meant For Small Businesses
  • Publicly Traded Companies Took More Than $1 BILLION In PPP Loans From Actual Small Businesses
  • NBA’s Los Angeles Lakers Got $4.6 MILLION PPP Loan, Quickly Returned It
  • Dallas Hotelier Monty Bennett Plans To Keep $126.4 MILLION PPP Loans
  • Small Businesses Suing Chase, Big Banks For Shuffling Loans To Make Bigger Commissions

Got something to say? Leave a comment.

Share
Tweet
Pin
113 Shares

Category: CARES Act and PPP, Local News, News, Social and LifestyleTag: business loan, cares act, coronavirus, covid 19, economic impact, economic injury disaster loan, education, higher education, mnuchin, paycheck protection program, ppp, private schools, sba, shut down, sidwell friends, small business, small business administration, st andrews episcopal, stay at home, stuck at home, treasury department, tuition

About Allie

Hi, I’m Allie! A pioneer in viral storytelling, I've been helping local, national, and global brands since 2008. I’ve worked with hundreds of local business owners, PR professionals, and marketers. I've been featured on CBS, the Dallas Morning News, and various online publications. Born in Dallas, raised in the DFW metroplex.. I'm not afraid to speak my mind. You can email me at [email protected]

Sign up. Get more. Do more.

Weekly updates to your inbox. Because you want to see what's out there.
Previous Post: «fiesta restaurant group ppp loan 15 million pollo tropical taco cabana dallas Taco Cabana, Pollo Tropical Are Now Repaying $15 MILLION PPP Loans Meant For Small Business
Next Post: Dallas Hotel Group Will Be Returning Those Millions In PPP Small Business Loans After All monty-bennett-ashford-hotel-return-ppp-loans-cares-act»

Reader Interactions

Comments

  1. Rudiger Breitenecker

    May 18, 2020 at 12:16 pm

    Gilman School took the money in Baltimore. Totally unnecessary for this rich school to take this loan away from someone else!

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recipe Rating




Primary Sidebar

Trending News

Here’s All The Virtual Tours Available That Are Totally FREEHere’s All The Virtual Tours Available That Are Totally FREE8K Shares
Who Is Shelley Luther The Dallas Salon Owner That Decided To Reopen During A Global Pandemic?Who Is Shelley Luther The Dallas Salon Owner That Decided To Reopen During A Global Pandemic?5K Shares
Big Companies Got Loans Meant For Actual Small Businesses And It’s A Slap In The FaceBig Companies Got Loans Meant For Actual Small Businesses And It’s A Slap In The Face4K Shares

Restaurants Offering CURBSIDE + DELIVERY

Featured

  • restaurants-uptown-dallas-curbside-delivery-covid-19
  • list-restaurants-garland-stuck-at-home
  • list-restaurants-lewisville-stuck-at-home
  • list-restaurants-mckinney-stuck-at-home
  • list-restaurants-plano-tx-coronavirus-stuck-at-home-2
  • what-to-do-if-you-get-coronavirus-covid-19
    What To Do If You Get Coronavirus According To The CDC
  • work from home
    Work From Home TIPS
  • how to make hand sanitizer
  • how-to-make-baby-wipes-diy-3
  • dfw schools closed to due coronavirus
    List of DFW Schools CLOSED Due To Coronavirus (COVID-19)

Search Metroplex Social

Sign up. Get More. Do More.

Weekly updates to your inbox. Because you want to see what's out there.

Trending Stories

Here’s All The Virtual Tours Available That Are Totally FREEHere’s All The Virtual Tours Available That Are Totally FREE8K Total Shares
Who Is Shelley Luther The Dallas Salon Owner That Decided To Reopen During A Global Pandemic?Who Is Shelley Luther The Dallas Salon Owner That Decided To Reopen During A Global Pandemic?5K Total Shares
Big Companies Got Loans Meant For Actual Small Businesses And It’s A Slap In The FaceBig Companies Got Loans Meant For Actual Small Businesses And It’s A Slap In The Face4K Total Shares
Dream Park is the New Fort Worth Playground Everyone is Talking AboutDream Park is the New Fort Worth Playground Everyone is Talking About3K Total Shares
This Hidden Croatian Village in McKinney TX Will Make You Feel Like You’re In EuropeThis Hidden Croatian Village in McKinney TX Will Make You Feel Like You’re In Europe2K Total Shares
Why Fossil Rim Wildlife Center Should Be On Your Summer Must Do ListWhy Fossil Rim Wildlife Center Should Be On Your Summer Must Do List2K Total Shares
Gov Abbott Hinted At Keeping Alcohol To-Go Drinks In Texas ForeverGov Abbott Hinted At Keeping Alcohol To-Go Drinks In Texas Forever2K Total Shares
ENTIRE List Of Denton Restaurants Offering Curbside And Delivery Due To CoronavirusENTIRE List Of Denton Restaurants Offering Curbside And Delivery Due To Coronavirus1K Total Shares
You Can Take Your Photos In This Sea Of Sunflowers In North TexasYou Can Take Your Photos In This Sea Of Sunflowers In North Texas1K Total Shares
This Hidden Swimming Hole Near Fort Worth Will Let You Make a Splash All SummerThis Hidden Swimming Hole Near Fort Worth Will Let You Make a Splash All Summer1K Total Shares

Latest Local News

klyde warren park dallas fountain

Nancy Best Blew $10 MILLION On A Water Fountain In Dallas During A Global Pandemic

December 4, 2020

list holiday events in dallas

Here’s The Entire List 2020 Holiday Events In DFW

December 4, 2020

best holiday gift ideas dallas no batteries required

Here’s The Best Holiday Gifts That Don’t Require Batteries

December 4, 2020

dallas catering thanksgiving holiday christmas

These 4 Festive Holiday Recipes Will Help You Celebrate The Season

December 3, 2020

Footer

Recent News

klyde warren park dallas fountainNancy Best Blew $10 MILLION On A Water Fountain In Dallas During A Global Pandemic
list holiday events in dallasHere’s The Entire List 2020 Holiday Events In DFW
best holiday gift ideas dallas no batteries requiredHere’s The Best Holiday Gifts That Don’t Require Batteries
dallas catering thanksgiving holiday christmasThese 4 Festive Holiday Recipes Will Help You Celebrate The Season
top breweries in dallasHere’s The Top 19 Breweries In Dallas Fort Worth You Need To Visit This Year
snowday-in-dallas-holiday-escape-2020SNOWDAY In Dallas Lets You Have Your Own Holiday Escape!

Listen to the Good Morning Metroplex! Podcast!

Featured On

Fort Worth Star-Telegram

Texas Hill Country

Voyage Magazine

Life & Lana

Mamá Contemporánea

Kids Activities Blog

Sign up. Get More. Do More.

Weekly updates to your inbox. Because you want to see what's out there.
  • Local News
  • SEARCH Local
  • Submit a Story
  • Meet Our Team
  • Partnerships

Site Footer

  • Facebook
  • Instagram
  • Twitter
  • YouTube

Privacy Policy + Disclosure

Copyright © 2021 Metroplex Social · All Rights Reserved