Steve Mnuchin forced to ask heavily-endowed elite prep schools to return loans meant for small busin

Source: Raw Story


Published 13 mins ago on May 1, 2020By Matthew Chapman

On Friday, The New York Times reported that Treasury Secretary Steve Mnuchin is trying to get elite preparatory schools with large endowments to return Paycheck Protection Program (PPP) loans that were intended for small businesses as part of the coronavirus stimulus program.

“Treasury Secretary Steven Mnuchin, in a post on Twitter, instructed wealthy schools that had accepted the loans to give them back,” reported Ben Protess and David McCabe. “‘It has come to our attention that some private schools with significant endowments’ have taken the loans, he said. ‘They should return them.'”

“Some prominent institutions with multimillion-dollar endowments have accepted money from a Small Business Administration program that is aimed at keeping employees of small companies paid during the coronavirus pandemic,” continued the report. “Some of them later walked away from the loans, saying other schools might need the funding more, but others made a case for the money even if they had sizable endowments.”

This comes after a similar controversy over large nationwide businesses accepting loans from the PPP, including Shake Shack and Ruth’s Chris Steakhouse.

Read more: https://www.rawstory.com/2020/05/steve-mnuchin-forced-to-ask-heavily-endowed-elite-prep-schools-to-return-loans-meant-for-small-businesses/