Elite Brentwood School Receives Small Business Loan

Update: Brentwood School has informed us that the school has returned the load. See the statement below explaining the decision.

Federal Paycheck Protection Program loan given to Brentwood School

By Sam Catanzaro

An elite private school in Brentwood with ties to Treasury Secretary Steven Mnuchin has received a Paycheck Protection Program loan from the federal government.

As reported by the Los Angeles Times, Brentwood School announced in a recent newsletter that it has 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.

Brentwood School’s newsletter announcing the PPP funding did not specify the loan amount.

Palisades News has reached out to Brentwood School asking given the size of the school’s endowment, how can the school justify applying and keeping a loan meant for small businesses that have little to no money in their pockets. In addition, Palisades News asked if the school has any contact or conversations with Mnuchin or a member of the federal government prior to receiving the loan and if they plan on returning the loan.

After 72 hours, the school has not responded.

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.

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.

Without the PPP funds, cost cutting measures and focused fiscal management are more important than ever. We are working to maintain the school’s financial health while preserving the full Brentwood experience as delivered daily by our faculty and staff. We are tremendously grateful for the loyalty and continued support of our current families, grandparents, alumni, parents of alumni, and faculty and staff, and we have confidence in our ability to face these challenges together.

Related Posts

Palisades Country Club Receives Multimillion-Dollar PPP Loan While Collecting Full Dues

July 11, 2020

July 11, 2020

$2.5 to $5 million Paycheck Protection Program loan goes to Riviera Country Club By Sam Catanzaro An elite Pacific Palisades...

“Off Their Plates” non-profit helping feed healthcare workers: Palisades Today – July, 9, 2020

July 10, 2020

July 10, 2020

Local news and culture in under 5 minutes. * “Off Their Plates” non-profit helping feed healthcare workers. * Possible new...

Edify TV: Veterans Row

July 8, 2020

July 8, 2020

“It’s really devastating. We Veterans serve in this country and this is what we get,” says a U.S. Army Veteran...

Man Sentenced for Carjacking, Kidnapping in Pacific Palisades Crime Spree

July 7, 2020

July 7, 2020

By Staff Writer A 50-year-old man was sentenced Monday to 141 years to life in state prison after being convicted...

Video: Santa Monica Mask Fines

July 7, 2020

July 7, 2020

The City of Santa Monica has authorized fines of up to $1,000 for failing to wear a mask. Learn more...

California Condor Squadron seeking support for WWII planes: Palisades Today – July, 6, 2020

July 7, 2020

July 7, 2020

Local news and culture in under 5 minutes. * California Condor Squadron seeking support for WWII planes. *Covid-19 surge creates...

Police Search for Man Who Stole Palisades Security Camera

July 6, 2020

July 6, 2020

Man steals camera from exterior of house on Castellammare Drive By Sam Catanzaro Police are searching for a man wanted...

Palisades Sees Unhealthy Air Quality After Fireworks

July 5, 2020

July 5, 2020

Fireworks continue in LA County despite ban By Sam Catanzaro Air quality throughout most of Los Angeles County, including Pacific...

Palisades Armed Robbery and Broad Daylight Carjacking

July 2, 2020

July 2, 2020

Palisades weekly crime update Submitted by LAPD Senior Lead Officer Michael Moore As a person exited their car last week...

Sea View Villas officially open for leasing: Palisades Today – July, 2, 2020

July 2, 2020

July 2, 2020

Local news and culture in under 5 minutes. * Sea View Villas officially open for leasing. * LA city council...

Newsom Directs LA Restaurants to Close Indoor Dining

July 1, 2020

July 1, 2020

Earlier this week Los Angeles County’s public health director said that almost half of restaurants and bars were not following...

Local Surf Spot One of Dirtiest Beaches in State

July 1, 2020

July 1, 2020

Heal the Bay releases annual report By Sam Catanzaro According to Heal the Bay, a surf spot near Pacific Palisades...

Video: West Los Angeles VA Tent Row

June 30, 2020

June 30, 2020

What is the deal with the row of tents outside the West Los Angeles Veterans Affairs campus? Learn more in...

County Reports Highest Single-Day COVID-19 Count

June 30, 2020

June 30, 2020

One in every 140 people in the county has the virus and is infectious, say LA County health officials By...

County Orders Closures of Beaches Over 4th of July Weekend

June 30, 2020

June 30, 2020

Fireworks displays also banned in county By Sam Catanzaro After reporting the highest single one-day COVID-19 case count, Los Angeles...