PETA Received $2.6 Million in COVID Bailout Money — Paid Back Only $676,317
The deceptively named People for the Ethical Treatment of Animals received a whopping $2.6 million from the COVID Paycheck Protection Program (PPP).
Nearly $2 million of that loan was forgiven in June.
PETA’s total revenue in 2020 was $66,277,867, according to financial records posted on their website.
According to the Treasury, the PPP was intended for “small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.” It was meant for companies that could no longer stay afloat using conventional means, like borrowing from banks under existing credit lines. The loan comes at a low one percent interest rate and in some cases doesn’t need to be paid back.
