PACIFIC PALISADES—On May 12, Palisades Charter High School voted to accept a $4.6 million Paycheck Protection Program Loan from the United States Treasury Department. Pali High School, an independent secondary charter school, conducted a virtual meeting conducted by the school’s board of trustees to determine whether or not the school would accept the loan in the amount of $4.6 million.
The loan is meant to provide funding the school could potentially face from any future funding cuts and cash deferrals. California Governor Gavin Newsom indicated in the revised May budget that educational cash deferrals could result from the COVID-19 pandemic.
The request for the loan was approved by the Small Business Administration, but in order to accept the loan the school’s trustee board must approve it.
The Paycheck Protection Loan provides forgivable loans to small businesses and was recently established under the Coronavirus Aid, Relief, and Economic Security Act (The CARES Act). Palisades Charter High School differs from the elementary and middle charter schools in Pacific Palisades, as the educational facility met specific criteria required for the loan that the other schools may not qualify for.