HOUSTON – Joel Osteen, the pastor at Lakewood Church in Houston, has come beneath fireplace in latest days after Houston Chronicle reported that the megachurch obtained $4.4 million in PPP loans from the Small Enterprise Administration (SBA).
Federal Paycheck Protection Program Loan data offered by the Small Enterprise Administration (SBA) signifies that the mortgage given to Lakewood Church is the third-largest for any Houston-area enterprise or nonprofit.
The information reveals that Lakewood Church utilized for the mortgage on July 21 and that 368 jobs could be affected by the mortgage.
At the least one of many standards of eligibility for a PPP mortgage is that an entity will need to have “500 or fewer workers whose principal place of residence is in america or are a enterprise that operates in a sure trade and meet the relevant SBA employee-based measurement requirements for that trade,” in accordance with the Federal Register.
As a way to have the mortgage absolutely forgiven, the PPP mortgage should be used for payroll prices, curiosity on mortgages, hire and utilities.
Osteen’s Lakewood Church and different megachurches have been criticized by some for collaborating within the federal restoration program due to their tax-exempt standing.
Joel Osteen claimed his church took no PPP cash, however his congregation was simply certainly one of many who obtained MILLIONS. That is simply one more reason why church buildings must be taxed if they’ll get enterprise advantages. https://t.co/EpAIaHDdRA
— Amee Vanderpool (@girlsreallyrule) December 15, 2020
David Iloff, a spokesperson for Lakewood Church, offered the next assertion to KPRC relating to the mortgage:
Lakewood Church, our 368 full and half time workers and their households are grateful for the Payroll Safety Program throughout these unsure financial instances attributable to the COVID 19 pandemic.
Lakewood suspended its in-person providers for greater than seven months (March fifteenth although October 18, 2020), impacting its skill to gather substantial donations throughout these providers. Believing the shutdown would solely final a number of weeks, Lakewood didn’t initially settle for PPP help in the course of the first half of this system. Nevertheless, because the shutdown continued month after month, given the financial uncertainty, Lakewood lastly utilized for the PPP mortgage and has been in a position to present full salaries and advantages together with medical insurance protection to all of its workers and their households.
You will need to observe that, since 2004, Pastors Joel and Victoria Osteen haven’t obtained salaries from Lakewood Church, and the PPP funds don’t present any private monetary profit to them, by any means.
As of Aug. 8, greater than 5 million PPP loans had been permitted as a part of the Paycheck Safety Program with greater than $525 billion given to companies and different entities, in accordance with the SBA. The common mortgage measurement is $100,729.
Osteen’s internet price is estimated to be north of $40 million, making him one of many richest pastors on the planet. In line with Money Inc. he has launched 14 books which makes up the vast majority of his wealth. And whereas he doesn’t take the $200,000 wage he’s entitled to as a pastor at Lakewood, he makes cash giving speeches, amongst different issues.
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