As the pandemic began to unfold, scores of Catholic dioceses across the U.S. received aid through the Paycheck Protection Program while sitting on well over $10 billion in cash, short-term investments or other available funds, an Associated Press investigation has found.
Did the Catholic Church receive PPP money?
While the Catholic Church appears to have been the largest religious recipient of government PPP funding, it wasn’t alone: Baptist, Lutheran, Methodist, and Jewish faith-based entities received at least $3 billion.
How much did churches get in PPP?
While McClure and his staff skirted the rules, Federal records show Calvary Chapel San Jose collected $340,400 in forgivable loans from the US Small Business Administration’s Paycheck Protection Program (PPP), as part of the CARES ACT COVID relief package passed last year.
Are churches applying for PPP?
Is a church eligible to receive PPP/EIDL loans? Yes. The United States Small Business Administration (“SBA”) has expressly indicated that faith-based organizations, including houses of worship, are eligible to apply for and receive PPP/EIDL loans.
Why did the Catholic Church get PPP money?
In a written statement, a spokesperson for the Diocese of Orange told Eyewitness News, “The money received from these loans were used only as they were intended: to keep people working and to avoid critical activities from being halted throughout the Diocese, including teaching children and providing important support …
Did Catholic schools get PPP?
The diocese’s headquarters, churches and schools landed the help even though they had roughly $100 million of their own cash and short-term investments available last spring, financial records show. …
Do churches have to repay PPP loans?
The charter of the SBA forbids it from making loans to religious organizations. Further, the First Amendment forbids government support of religious institutions. … The PPP funds to these churches is illegal and unconstitutional. Further, the taxpayers must repay these loans.
What is the deadline for PPP loan forgiveness 2021?
First PPP Loan Forgiveness Deadline is August 30, 2021. If you obtained a PPP loan, your covered period starts on the day the loan money was deposited. The covered period length could be from 8 to 24 weeks.
Did Joyce Meyer Ministries take PPP money?
Data from the SBA showed churches led by Evangelical TV stars received anywhere from $250,000 to $5 million in loans. Multi-millionaire Joel Osteen’s Lakewood Church received $4.4 million in PPP loans, while Robert Jeffress’ First Baptist Dallas received $2.2 million and Joyce Meyers Ministries received $5 million.
Are churches eligible for PPP round $2?
Nonprofits And Churches That May Qualify For A Second Draw PPP Loan. … Previously received a First Draw PPP Loan, and have used or will use the entire amount for authorized uses by the time you receive or expect to receive the Second Draw PPP Loan. Have 300 or fewer employees.
Are religious organizations eligible for PPP loans?
In addition to for-profit businesses, Faith Based Organizations may also be eligible for PPP Loans under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) if they are adversely impacted by the COVID-19 pandemic.
Can a church get an SBA loan?
Churches, temples and other religious nonprofits affected by the coronavirus now have more access to government funding. … Faith-based organizations have more access to SBA funding, thanks to the Coronavirus Aid, Relief and Economic Security (CARES) Act.
How much money did the Catholic Church get?
An Associated Press investigation has found that scores of Roman Catholic dioceses in the U.S. had more than $10 billion in cash and other readily available funds when they received at least $1.5 billion from the federal government’s small business emergency relief program.
Is the Catholic Church a business?
The Catholic Church is the spiritual home to 1.1 billion people around the world. It’s also a big business that handles billions of dollars.
How much money does the Catholic Church has?
The best estimates that investors can make about how much money the Catholic Church has is approximately $10 billion to $15 billion. Out of this, Italian stockholdings alone are up to $1.6 billion, 15% of the estimation of recorded offers on the Italian market.