The Aspen Institute, a major non-profit think tank, announced Thursday that it will return the $8 million loan it received through the paycheck protection program (PPP) created by Congress in the CARES Act.
The decision came after a meeting of its board of trustees, which consists of several billionaires. The think tank faced criticism this week after the Washington Post reported that they received the loan despite having a $115 million endowment.
“We believe that our application, which was made in the first week of the PPP, was consistent with the goals of the program,” the think tank said in a statement. “Upon listening to our communities and further reflection, we have made the decision to return the loan.”
The Washington, D.C.-based think tank is one of many large entities, including the Los Angeles Lakers and Shake Shack, that were eligible for loans allocated for small business.
The PPP program offers forgivable loans to small businesses so long as they continue to pay their employees. The applicants must meet the Small Business Administration’s definition of a small business, which includes having fewer than 500 employees.
Some lawmakers have pushed to narrow the eligibility requirements after the $349 billion emergency small business program created in the $2.2 trillion coronavirus stimulus bill ran out soon after the application period opened, leaving many without any aid.