AP: Sitting On “$10 Billion In Cash,” Catholic Church Took Billions More From Feds In COVID Relief Bailouts

The Associated Press reports:

As the pandemic began to unfold, scores of Catholic dioceses across the U.S. received aid through the Paycheck Protection Program while sitting on well over $10 billion in cash, short-term investments or other available funds, an Associated Press investigation has found. And despite the broad economic downturn, these assets have grown in many dioceses.

Yet even with that financial safety net, the 112 dioceses that shared their financial statements, along with the churches and schools they oversee, collected at least $1.5 billion in taxpayer-backed aid. A majority of these dioceses reported enough money on hand to cover at least six months of operating expenses, even without any new income.

The financial resources of several dioceses rivaled or exceeded those available to publicly traded companies like Shake Shack and Ruth’s Chris Steak House, whose early participation in the program triggered outrage.

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Organization sitting on building’s full of gold and art that never has to pay taxes showered with American tax money while American families rely on food banks. https://t.co/jwm6wlE2eH

— Eric Garland (@ericgarland) February 4, 2021

Despite having billions in cash and other funds, U.S. Roman Catholic dioceses took billions more from an emergency relief program for small businesses slammed by the virus, @AP investigation shows. Church officials say they needed the money to save jobs. https://t.co/AxDEatkHYN

— The Associated Press (@AP) February 4, 2021