It is believed that the US Catholic church may be the biggest beneficiary of federal coronavirus help in the United States, receiving as much as $3.5 billion. AP analysis suggests.
The Roman Catholic Church in the US has received as much up to $3.5 million in Federal coronavirus loan funds, as per an analysis of data from the government provided by The Associated Press (AP). Get more funds with the help of Bridge Payday.
This morning, The US Small Business Administration released the bodies and companies they had granted loans as part of the program worth $659 billion. Paycheck Protection Program.
The AP reported that three thousand five hundred loans were given to Catholic organizations at various levels, including individual parishes and dioceses, schools, and schools. The total amount was $1.4 billion, between $1.4 billion and $3.5 billion.
The analysis suggests that the actual amount could be much higher due to loans not included in the most recent data.
Catholic institutions that have received loans of less than $150,000 weren’t included on Monday’s list of recipients and could add to the total.
The amount of these loans was not specified. The Church’s Diocesan Fiscal Management Conference, on the other hand, revealed in May that approximately 9,000 Catholic organizations had been awarded loans, more than twice as many as AP claimed.
The DFMC group, composed of the church’s financial officers, stated that 13,000 of the 17,000 church members in the US requested PPP loans.
For instance, Catholic Charities USA was awarded 110 loans with a value of up to $220 million, the AP stated.
Bishop Lawrence Persico of Erie, Pennsylvania, said that the AP: “I know some people might be shocked that funding from the government helped to support religious schools, parishes, and Dioceses. “
“The separation between the state and church doesn’t necessarily mean that those influenced by faith are not entitled to a place in the public sphere. “
80 Persico-based organizations were awarded around 10 million dollars in loans for PPP, according to the official.
Religious organizations are usually not eligible for Small Business Administration loans. However, a loophole was created following a long-running campaign in Washington, D.C.
“The government grants the program a special exemption, and this results in form structure-based favoritism,” Micah Schwartzman, a University of Virginia law professor specializing in religious and constitutional issues who has extensively researched the Paycheck Protection Program told the Associated Press.
“And this is worth billions. “
SBA loans are typically restricted to companies with less than 500 employees. However, many large businesses have been criticized for using handouts.
Some of the larger public companies like McDonald’s and Wendy’s have accessed PPP loans via franchises and subsidies that were not large enough to be eligible.