INSIDER
Nearly 50 Texas churches received $1 million or more in PPP loans
Read full article: Nearly 50 Texas churches received $1 million or more in PPP loansMost recently, Joel Osteen’s Houston megachurch made headlines after it was reported that Lakewood Church received $4.4 million in federal PPP loans. Of the 46 churches KSAT found in data provided by the SBA, nine received somewhere between $2-5 million in PPP loans, including seven in the Houston area. In San Antonio, the Catholic Archdiocese and Catholic Charities each received PPP loans between $1-2 million along with Concordia Lutheran Church and Oak Hills Church. A CBS report from May also notes that more than 12,000 Catholic churches in the U.S. applied for PPP loans – and 9,000 got them. KSAT compiled a list of Texas churches that received loans between $1-5 million.
Joel Osteen’s Houston megachurch defends getting $4.4 million in federal PPP loans
Read full article: Joel Osteen’s Houston megachurch defends getting $4.4 million in federal PPP loansHOUSTON – Joel Osteen, the pastor at Lakewood Church in Houston, has come under fire in recent days after Houston Chronicle reported that the megachurch received $4.4 million in PPP loans from the Small Business Administration (SBA). The data shows that Lakewood Church applied for the loan on July 21 and that 368 jobs would be affected by the loan. In order to have the loan fully forgiven, the PPP loan must be used for payroll costs, interest on mortgages, rent and utilities. Osteen’s Lakewood Church and other megachurches have been criticized by some for taking part in the federal recovery program because of their tax-exempt status. Joel Osteen claimed his church took no PPP money, but his congregation was just one of many that received MILLIONS.
Trump administration to give Congress full virus loan data
Read full article: Trump administration to give Congress full virus loan dataWASHINGTON After prodding from Democratic lawmakers, the Trump administration has agreed to give Congress but not the public complete data on the millions of small businesses that received loans from a $600 billion-plus coronavirus aid program. Their concession came with a warning to lawmakers not to divulge confidential loan information to the wider public. Last week, the Treasury Department and SBA relented to pressure from lawmakers and watchdogs and agreed to publicly disclose details on which businesses received loans under the program. Under the new agreement, the agencies will provide the complete data on loans of all sizes to the congressional oversight panels. Economists have said the small business loan program has helped, though its hard to know by how much.
Mnuchin says businesses will need more help
Read full article: Mnuchin says businesses will need more helpTreasury Secretary Steven Mnuchin speaks during a Senate Small Business and Entrepreneurship hearing to examine implementation of Title I of the CARES Act, Wednesday, June 10, 2020 on Capitol Hill in Washington. Mnuchin, testifying before the Senate Small Business Committee, said the administration plans to spend the next 30 days looking at what measures should go in the next relief bill. There is no question that small businesses in many industries will need more help, Mnuchin said. Small businesses and larger businesses are going to need more help.New support measures will need to encourage business owners to rehire workers, especially those in the hardest hit industries like restaurants and travel, he said. The applications require more paperwork from small businesses than the paycheck protection loans.
When small businesses cant access PPP, local governments struggle to close the gap
Read full article: When small businesses cant access PPP, local governments struggle to close the gapCorado said she struggled with and did not complete an online application for the Small Business Administrations Paycheck Protection Program, or PPP. That has particularly affected very small businesses and those owned by people of color. The key to recovery in many towns in Texas and across the country is small businesses, local leaders and experts say. We should do what we can to aid those small businesses, but not on a first-come, first-served basis. Local governments are now setting aside some of the federal COVID-19 relief funds for small businesses in the form of grants.