Private Brentwood School Where Steve Mnuchin's Kids Attend Received Federal Relief Money
LOS ANGELES (CBSLA) – The private Brentwood School where U.S. Treasury Secretary Steve Mnuchin sends his children received a loan last month through the federal government's stimulus package, according to a report.
The K-12 Brentwood School sent a newsletter to parents last week informing them that the school had received aid through the Paycheck Protection Program (PPP), the Los Angeles Times reported Thursday.
The amount of the loan was not confirmed. At least two of Mnuchin's children attend the school, sources told the Times.
On Friday, Mnuchin tweeted, "It has come to our attention that some private schools with significant endowments have taken PPP loans. They should return them."
Tuition this year for a K-5 student at Brentwood was $37,275. For a 6-12 student it was just over $44,000.
On Monday, it was revealed that the Los Angeles Lakers, one of the most valuable sports franchises in the world, had also received a PPP loan totaling $4.6 million. The team said it returned the money when it realized that many small businesses had missed out.
The $349 billion PPP program money – which was approved as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES) earlier this month -- dried up so quickly that Congress was forced to pass a second relief package last week which includes another $310 billion.
The program has received considerable criticism for doling out money to larger companies while leaving smaller businesses with nothing.
Last week, burger chain Shake Shack announced it had returned a $10 million PPP loan. Ruth's Chris Steak House also followed on suit on a $20 million loan after getting significant backlash.
USC, however, defended its decision to accept $20 million in federal relief money.
