Almost 50 church buildings in Texas acquired $ 1 million or extra in P3 loans


SAN ANTONIO – Knowledge from the Small Enterprise Administration reveals that at the least 46 church buildings in Texas have acquired $ 1 million or extra in paycheck safety program loans.

The federal program, often called PPP, was designed as an incentive for small companies to maintain staff on the payroll after the financial fallout from the coronavirus pandemic that has closed doorways to companies world wide.

The taxpayer-funded program has come beneath criticism, nevertheless, after many small minority-owned companies mentioned that they had been denied loans “whereas giant firms just like the Los Angeles Lakers and Shake Shack have acquired tens of millions of loans ”, reported. Questions on legislation enforcement and the comparatively broad eligibility necessities have swirled this yr.

A d

The Code of Federal Rules explicitly states that nonprofit entities should not eligible for Small Enterprise Administration (SBA) loans, nevertheless, the “CARES Act explicitly makes nonprofit entities eligible for the PPP program and it does so no matter discover out whether or not non-profit entities present secular social companies ”, based on the SBA.

Like different nonprofits, church buildings are exempt from paying many taxes, main many individuals on social media to criticize mega-churches for getting the loans. Extra lately, Joel Osteen’s mega-church in Houston grabbed the headlines after it was reported that Lakewood Church had acquired $ 4.4 million in federal PPP loans.

A d

The Osteen Church defended its mortgage, claiming that Osteen, which is price tens of millions, acquired no private advantages and that a whole bunch of its staff acquired “all salaries and advantages, together with insurance coverage protection. ‘medical health insurance for all its staff and their households’ as a result of program.

Church buildings and spiritual organizations, like different charities, take pleasure in sure exemptions from federal, state and native earnings tax, beneath part 501 (c) (3), based on the IRS.

Of the 46 KSAT church buildings present in information supplied by the ASB, 9 acquired between $ 2 million and $ 5 million in PPP loans, together with seven within the Houston space. The opposite two church buildings to obtain $ 2 million or extra are situated in Dallas and Rockwall. (See the complete listing on the backside of this text.)

A d

In San Antonio, the Catholic Archdiocese and Catholic charities every acquired P3 loans of $ 1 million to $ 2 million, together with Concordia Lutheran Church and Oak Hills Church.

Not less than one of many eligibility standards for a PPP mortgage is that an entity will need to have “500 or fewer staff whose major place of residence is in the USA or who’s an organization that operates in a sure business and that’s responds to the relevant SBA worker. based on the scale requirements of this sector ”, based on the Federal Register. For the mortgage to be totally forgiven, the PPP mortgage have to be used for workers prices, mortgage curiosity, lease, and utilities.

The Concordia Lutheran Church situated at 16801 Huebner Street reported that 100 jobs could be affected by the P3 mortgage and Oak Hills Church on Camp Bullis Street reported 141 jobs.

A d

The Catholic Archdioceses utilized individually from Catholic charities and Catholic colleges within the metropolis. Central Catholic Excessive Faculty, a Catholic faculty in San Antonio, acquired over $ 1 million in loans, however we didn’t embody it in our listing of church buildings.

When KSAT compiled an inventory of Notable San Antonio entities that utilized for PPP loans, the Archdiocese of San Antonio and different Catholic entities topped the listing, receiving between $ 2 million and $ 5 million in loans.

A Could CBS Report additionally notes that greater than 12,000 Catholic church buildings in the USA have utilized for P3 loans – and 9,000 have obtained them.

A d

As well as, the Related Press reported in July that the American Roman Catholic Church “used a particular and unprecedented exemption from federal guidelines to lift at the least $ 1.4 billion in taxpayer-backed coronavirus assist, with a number of million going to dioceses that paid out” large settlements or sought chapter safety as a consequence of cowl up of sexual abuse by the clergy. “

Listed below are a number of the opinions from Twitter customers:

As of August 8, the deadline for submitting a PPP mortgage utility, greater than 5 million loans have been accredited beneath the Paycheck Safety Program with greater than $ 525 billion granted to companies and different entities, based on the report. SBA. The common mortgage quantity is $ 100,729.

A d

KSAT has compiled an inventory of church buildings in Texas which have acquired loans between $ 1 million and $ 5 million.

Church buildings which have acquired over $ 2 million are: Chapelwood United Methodist Church in Houston, First Baptist Church of Dallas (led by Robert jeffress), Archdiocese of Galveston-Houston, Catholic Charities of the Archdiocese of Galveston-Houston, First Baptist Church of Houston, Lake Pointe Baptist Church in Rockwall, Osteen’s Lakewood Church in Houston, St. Luke’s United Methodist Church of Houston and St. Martin’s Episcopal Houston Church.

The next listing solely consists of faith-based organizations which have “church” or “archdiocese” of their names:

Editor’s Notice: This story initially indicated that at the least 50 church buildings in Texas had acquired over $ 1 million in loans. In truth, it was about 46 church buildings.

Copyright 2020 by KSAT – All rights reserved.

Leave A Reply

Your email address will not be published.