Elite Brentwood School Returns Small Business Loan

Federal Paycheck Protection Program loan returned by Brentwood School

By Sam Catanzaro

An elite private high school on the Westside with ties to Treasury Secretary Steven Mnuchin has returned a federal small business loan after receiving much pushback.

On Monday, we reported that Brentwood School, an elite private high school in Brentwood, received a federal Paycheck Protection Program (PPP) loan.

After this article was published, the school informed us that they had returned the loan.

“Brentwood School’s decision on April 3rd to apply for the Payroll Protection Program under the CARES Act involved an in-depth evaluation of the school’s financial position in relation to the originally published government guidelines. However, a great deal has changed in the intervening weeks. In that time, the government has published a number of updates and revisions to the original parameters as it became clear the federal funds initially provided were not enough to staunch the incredible need that exists nationally,” a spokesperson for Brentwood School wrote in a statement. “Throughout the last week, we carefully considered the added clarifications as well as the growing understanding that, unfortunately, not all who qualify will receive PPP funds. Given these factors, the Board has voted unanimously to decline the loan. We have returned the funds so they can be distributed to others who are in greater need of the assistance.”

As reported by the Los Angeles Times, Brentwood School announced in a recent newsletter that it had received a PPP loan. According to the letter, the loan was approved and funded in mid-April. Other elite private schools like Harvard-Westlake have announced that they did not apply for a PPP loan.

According to an IRS filing obtained by the Times, Brentwood School’s endowment was around $17.4 million in 2017. Tuition at Brentwood School ranges from $37,500 – $44,000.

Among Brentwood School’s over 1,100 students are the children of Treasury Secretary Steven T. Mnuchin, according to the Times. While Mnuchin denied any knowledge of the loan, in a tweet the Treasury Secretary told private schools to return any loans the may have received.

“It has come to our attention that some private schools with significant endowments have taken #PPP loans. They should return them,” Mnuchin wrote.

in News
Related Posts

USC Launches Free Soil Testing to Assess Post-Fire Contamination

March 31, 2025

March 31, 2025

Residents Can Submit Samples to Check for Lead and Other Toxins A new program led by researchers at the University...

City Councilmembers Move to Update Wildfire Hazard Zones in Response to New State Maps

March 31, 2025

March 31, 2025

The motion calls to strengthen brush clearance laws, pointing to disparities between private property owners and state agencies In response...

Santa Monica Launches Public Search for New City Manager

March 31, 2025

March 31, 2025

Nationwide Job Posting Seeks Leader to Guide City’s Future The City of Santa Monica has officially launched a nationwide search...

“NYPD Blue” Actress Arrested on Assault Charges in Marina del Rey: Report

March 31, 2025

March 31, 2025

Emmy Award Winner Faces Court Appearance Following Domestic Dispute Kim Delaney, best known for her role on “NYPD Blue,” was...

Debris Removal Deadline Extended, Eligibility Expanded for Condos and Multi-Family Homes

March 31, 2025

March 31, 2025

Officials continue to push for eligibility expansion to include nonprofit organizations, houses of worship, mobile home parks, and additional multi-family...

Palisades Youth Soccer Team Fundraises to Compete in Sweden Tournament

March 31, 2025

March 31, 2025

The team is raising funds through GoFundMe, with donations aimed at covering travel costs, accommodations, and fees A youth soccer...

Seven-Bedroom Venice Pad on Shell Ave. Hits Market at Under $7M

March 31, 2025

March 31, 2025

The home sits on a 5,740-square-foot lot and includes a two-car garage A newly listed property in Venice, featuring modern...

School of Rock Students Shine in Winter Performance Despite Widespread Fires

March 31, 2025

March 31, 2025

Summer Camp Registration Opens Now By Susan Payne Wildfire devastation wreaked havoc in areas of Los Angeles this January with...

City Approves Redevelopment Deal for Civic Auditorium

March 31, 2025

March 31, 2025

Officials said the next phase of the process includes site analyses to assess redevelopment viability The Santa Monica City Council...

LAPD Cadets to Host E-Waste Donation Drive in Pacific Area

March 28, 2025

March 28, 2025

Donations of items such as smartphones, televisions, laptops, monitors, printers, and tablets will be accepted The Pacific Area Boosters Association...

THIS WEEKEND: Palisades High to Host Benefit to Support Displaced Students

March 28, 2025

March 28, 2025

The evening aims to bring the Pali High community together while raising funds through sponsorships, donations, and an ongoing online...

March Madness Celebration Coming to Santa Monica Pier

March 28, 2025

March 28, 2025

The celebration will culminate in an evening viewing party at Patio 66, where fans can watch the games while enjoying...

ARCANE Space to Debut “11th Place” Exhibit by Dominick Vanderlip

March 28, 2025

March 28, 2025

Vanderlip’s work explores themes of rebellion, survival, and introspection ARCANE Space will host 11th Place, a solo exhibition by artist...

Bacio di Latte Set to Serve Gelato From New Downtown Santa Monica Spot

March 27, 2025

March 27, 2025

Bacio di Latte offers a range of flavors, including classic options like Stracciatella, Pistachio, and Hazelnut Italian gelato chain Bacio...

Palisades Council Opposes Housing Density Bill, Emphasizes Rebuilding Priorities

March 26, 2025

March 26, 2025

The council urged state lawmakers to oppose SB 677 and called on Los Angeles City Councilmember Park to introduce a...