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

Woman Charged After High-Speed Pursuit, Multi-Vehicle Crash on 405 Freeway

May 24, 2024

May 24, 2024

Preliminary hearing set for June 20, Suspect Faces Multiple Charges Los Angeles County District Attorney George Gascón announced that a...

TripAdvisor Ranked This Santa Monica Hotel #1 in America

May 23, 2024

May 23, 2024

The Ranking Honored the Highest Level of Excellence in Travel, Recognizing Those Who Receive a High Volume of Exceptional Review...

(Photo Gallery) Recap of 45th Annual Venice Family Clinic Art Walk

May 23, 2024

May 23, 2024

The Art Walk + Auction, Created in 1979 by Local Volunteers and Artists, Aimed to Prevent the Clinic’s Closure, Fostering...

Report: Judge Requests More Briefing on Bel-Air Bay Club Repair Dispute

May 23, 2024

May 23, 2024

The Bel-Air Bay Club Argues That Proposed Repairs Are Exempt From Requiring a Permit According to a report from City...

SMMUSD Seeks Middle School Athletic Coaches

May 23, 2024

May 23, 2024

Positions Are Available for Flag Football, Girls’ Volleyball, Cross Country, Basketball, Esports, Track and Field, Soccer, Spring Volleyball and Lacrosse...

Husband and Wife Arrested After Reporting Sexual Assault

May 23, 2024

May 23, 2024

The Tables Were Turned  By Zach Armstrong The tables were turned on a married couple after they demanded officers arrest someone...

Rollover Crash on Sunset Blvd. Leaves 3 Hospitalized

May 22, 2024

May 22, 2024

The Vehicle Was Found Set Against an Apartment Complex By Zach Armstrong A rollover crash in the Pacific Palisades left...

LAFD Rescues Trapped Individuals From Venice Public Bathrooms

May 22, 2024

May 22, 2024

After Approximately Eight Minutes, One Stall Door Was Successfully Unlatched By Zach Armstrong LAFD Firefighters and LAPD officers were dispatched to...

Venice Canal Attack Victim’s Condition Takes a Tragic Turn

May 22, 2024

May 22, 2024

CD 11 City Councilmember Traci Park Releases Statement The devastating news that one of the two women who were brutally...

(Video) 2024 Take Action Campaign Happening Now

May 21, 2024

May 21, 2024

More Information at takeactionla.com @palisadesnews Take Action Campaign is happening now throughout LA County #mentalhealth #losangeles #fyp #california #wellbeing #health...

Will Rogers Run Foundation Donates $40K to Local Charities

May 21, 2024

May 21, 2024

The Funds Come from Proceeds From the 2023 July 4th Run The Palisades-Will Rogers 5 & 10K Run Foundation will...

Los Angeles County Rent Relief Program Opens Second Round of Applications

May 21, 2024

May 21, 2024

Applications Accepted Until June 4, Funding and Support Have Been Increased  The Los Angeles County Rent Relief Program (LARRP) has...

Father-Son Duo RSG Janitorial Services Finds Joy In Serving Customers

May 21, 2024

May 21, 2024

Finding handymen and janitorial services can be a hard pick. RSG Janitorial Services, based in Los Angeles, offers a mix...

Check Out Local Library Events and Weekly Reading Programs For This Week

May 21, 2024

May 21, 2024

Brentwood, Palisades, and West Los Angeles Libraries Are Ready for Summer As summer approaches, local libraries are gearing up for...

Bloody-Faced Woman Who Led Police on 405 Pursuit Initiated Chase in Venice

May 20, 2024

May 20, 2024

A Photo Shows Her Appearing Viciously With an Open Mouth By Zach Armstrong A photo of a bloody-faced woman made plenty...