Brentwood School has returned its Paycheck Protection Program aid money after President Donald Trump criticized private schools with large endowments for taking the loans, it was reported Monday.
The school said it returned the money “so they can be distributed to others who are in greater need of the assistance,” according to the Los Angeles Times.
The loans, which are forgivable in certain cases, are meant to help small businesses pay their workers’ salaries during the economic crisis brought on by the COVID-19 pandemic.
The school has more than 1,100 students, including Treasury Secretary Steven Mnuchin’s children, and a $17.4 million endowment as of 2017, according to The Times.
Tuition is between $37,500 a year from kindergarten through fifth grade and $44,000 a year from sixth through 12th grades, The Times reported.
Mnuchin tweeted on Friday, “It has come to our attention that some private schools with significant endowments have taken #PPP loans. They should return them.”
White House spokesman Judd Deere told The Times “The president has made clear that he does not believe private schools with significant endowments should be receiving (Paycheck Protection Program) money and those that have should consider returning it.”
Other elite schools in the area — including Harvard-Westlake School, Marlborough School, and Crossroads School for Arts & Sciences — did not apply for Paycheck Protection Program loans, according to The Times.
>> Want to read more stories like this? Get our Free Daily Newsletters Here!Follow us: