An Associated Press (AP) investigation found that the Roman Catholic Church, one of the world’s largest institutions, was the biggest beneficiary of US's Paycheck Protection Program (PPP). The US Government hastily knit a safety net for small businesses called the Paycheck Protection Program. The idea was to keep Main Street alive, and workers paid even as the public health emergency shuttered shops and offices.
The report claimed that so far, the US Government has committed nearly $1 trillion in relief. The Catholic Church doesn’t sound like a small business. However, AP found that the Church received at least $3 billion under the PPP. To calculate that tally, reporters hand-checked tens of thousands of records to identify institutions from all major faith groups and major charities in the U.S.
Catholic institutions also received many times more than other major U.S. nonprofits with charitable missions, such as the United Way, Goodwill Industries and Boys & Girls Clubs of America. Overall, Catholic organizations got nearly twice as much as 40 of the largest, most well-known charities, AP found.
The report further claimed that the Archdiocese had more than $1 billion in cash and short-term investments in its headquarters and cemetery division as of May — enough to cover about 631 days of operating expenses, according to a review by the independent ratings agency Moody’s Investors Service. Chicago’s parishes, schools and ministries accumulated at least $77 million under PPP.