Lakewood Church, a popular megachurch in Texas, is one of many congregations that received help through the Paycheck Protection Plan due to the economic impact of COVID-19. Some have responded in awe on social media concerning the amount of PPP funds the church, the largest in the U.S. and most-financially thriving, received via the federal government.
According to U.S. Small Business Administration data obtained by the Houston Chronicle, the Houston worship place received a $4.4 million Paycheck Protection Plan loan during the coronavirus pandemic, which was dispersed in July. Bank of America doled out the loan to Lakewood, marking the third-largest PPP loan approved for a Houston-area entity during July and August, according to Chris Matthews at Houston Business Journal.
The church has released a statement noting it did not request the federal funds during the first stimulus distribution approved for churches, businesses and educational institutions earlier this year. However, with in-person services halting for months, the pandemic began to have an impact, according to a statement released by Lakewood spokesperson David Iloff.
“As the shutdown persisted month after month, given the economic uncertainty, Lakewood finally applied for the PPP loan and has been able to provide full salaries and benefits including health insurance coverage to all of its employees and their families,” Iloff said.
According to data received by the Chronicle in 2018, the church had a $90 million fiscal budget that was spent primarily, to the tune of more than $60 million, on its weekly services, programs and television ministry.
The funds were used to help support church staff, but neither pastors Joel nor Victoria Osteen were paid through the loan. Neither have received salaries from Lakewood since 2004, according to the Houston Chronicle report.
Despite the fact the Osteens were not paid, many on social media found issue with the successful church receiving such a massive loan. Some business owners pointed out that they also hoped to receive funds to support their staff but to no avail.
Some said the criticism was not warranted because his church staff needed the support.
Lakewood Church was one of several religious institutions that received more than $1 million in PPP funds in the Greater Houston area. The federal data showed more than 1,000 religious entities in the Houston area were approved for the loan. Lakewood received the largest loan of those Houston churches.
About the Author
