Washington (CNN) Treasury Secretary Steve Mnuchin called on private schools with endowments to return the funds they received from the federal Paycheck Protection Program, after media reports of some elite schools applying for the loans meant to keep smaller businesses afloat during the coronavirus pandemic. "It has come to our attention that some private schools with significant endowments have taken #PPP loans. A spokeswoman for the National Association of Independent Schools told CNN's Brian Todd that some institutions' endowments don't "necessarily translate to liquidity." Several other notable private schools -- including the Francis W. Parker School in Chicago, St. Patrick's Episcopal Day School in Washington, DC, and The Westminster Schools in Atlanta -- told CNN they didn't apply for the loan. The Latin School in Chicago received a loan but then returned it after backlash in the community.

Source: CNN May 01, 2020 17:03 UTC