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| Think Twice, Mnuchin Tells Prep Schools Seeking Virus Loans | Think Twice, Mnuchin Tells Prep Schools Seeking Virus Loans |
| (about 11 hours later) | |
| As a number of elite private preparatory schools consider taking federal stimulus loans, they received a stark warning on Friday that they risked invoking the ire of the country’s top financial official. | As a number of elite private preparatory schools consider taking federal stimulus loans, they received a stark warning on Friday that they risked invoking the ire of the country’s top financial official. |
| Treasury Secretary Steven Mnuchin, in a post on Twitter, instructed wealthy schools that had accepted the loans to give them back. “It has come to our attention that some private schools with significant endowments” have taken the loans, he said. “They should return them.” | Treasury Secretary Steven Mnuchin, in a post on Twitter, instructed wealthy schools that had accepted the loans to give them back. “It has come to our attention that some private schools with significant endowments” have taken the loans, he said. “They should return them.” |
| Some prominent institutions with multimillion-dollar endowments have accepted money from a Small Business Administration program that is aimed at keeping employees of small companies paid during the coronavirus pandemic. Some of them later walked away from the loans, saying other schools might need the funding more, but others made a case for the money even if they had sizable endowments. | Some prominent institutions with multimillion-dollar endowments have accepted money from a Small Business Administration program that is aimed at keeping employees of small companies paid during the coronavirus pandemic. Some of them later walked away from the loans, saying other schools might need the funding more, but others made a case for the money even if they had sizable endowments. |
| Schools that had said they would keep the loans include Sidwell Friends in Washington, where the children of former Presidents Barack Obama and Bill Clinton studied, and St. Andrew’s Episcopal School in Potomac, Md., which counts President Trump’s youngest son as a student, The New York Times reported this week. Brentwood School in Los Angeles, which at least two of Mr. Mnuchin’s children attended, also accepted a loan, The Los Angeles Times reported. | Schools that had said they would keep the loans include Sidwell Friends in Washington, where the children of former Presidents Barack Obama and Bill Clinton studied, and St. Andrew’s Episcopal School in Potomac, Md., which counts President Trump’s youngest son as a student, The New York Times reported this week. Brentwood School in Los Angeles, which at least two of Mr. Mnuchin’s children attended, also accepted a loan, The Los Angeles Times reported. |
| Mr. Mnuchin offered no evidence that the well-to-do schools did not meet the government’s requirements for the loans, which can be forgiven if recipients put most of them toward payroll needs. He also did not specify what qualified as a “significant” endowment. A Treasury Department spokesman declined to elaborate. | Mr. Mnuchin offered no evidence that the well-to-do schools did not meet the government’s requirements for the loans, which can be forgiven if recipients put most of them toward payroll needs. He also did not specify what qualified as a “significant” endowment. A Treasury Department spokesman declined to elaborate. |
| In a statement on Friday, a Sidwell spokeswoman said the school would keep the money unless the government changed the eligibility requirements. | In a statement on Friday, a Sidwell spokeswoman said the school would keep the money unless the government changed the eligibility requirements. |
| “Out of a commitment to our faculty and staff, Sidwell Friends School applied and was approved by the Small Business Administration,” the spokeswoman said, adding that the school would “review any new rules and comply accordingly.” | “Out of a commitment to our faculty and staff, Sidwell Friends School applied and was approved by the Small Business Administration,” the spokeswoman said, adding that the school would “review any new rules and comply accordingly.” |
| Mr. Mnuchin’s swipe was not the first he had taken at businesses he deemed unworthy. Earlier this week, he threatened to hold big companies criminally liable if they did not meet the S.B.A. criteria and said the government would audit loans over $2 million. | Mr. Mnuchin’s swipe was not the first he had taken at businesses he deemed unworthy. Earlier this week, he threatened to hold big companies criminally liable if they did not meet the S.B.A. criteria and said the government would audit loans over $2 million. |
| Across the country, dozens of private schools have applied to the $660 billion assistance effort, formally known as the Paycheck Protection Program. While some smaller schools came up empty in the first round of funding, several schools that received money have large endowments. | Across the country, dozens of private schools have applied to the $660 billion assistance effort, formally known as the Paycheck Protection Program. While some smaller schools came up empty in the first round of funding, several schools that received money have large endowments. |
| Sidwell Friends, which received a $5.2 million loan, has an endowment of roughly $50 million. John Burroughs School near St. Louis, which qualified for a $2.55 million loan, has an endowment of more than $50 million. | Sidwell Friends, which received a $5.2 million loan, has an endowment of roughly $50 million. John Burroughs School near St. Louis, which qualified for a $2.55 million loan, has an endowment of more than $50 million. |
| The Pingry School, with campuses in Short Hills and Basking Ridge, N.J., and a roughly $80 million endowment, confirmed that it qualified for the program but did not disclose a loan amount. Nor did St. Andrew’s Episcopal, which indicated in a 2017 tax filing that its endowment was about $9 million. | The Pingry School, with campuses in Short Hills and Basking Ridge, N.J., and a roughly $80 million endowment, confirmed that it qualified for the program but did not disclose a loan amount. Nor did St. Andrew’s Episcopal, which indicated in a 2017 tax filing that its endowment was about $9 million. |
| Ginger Imster, the director of advancement and external affairs at John Burroughs, said on Friday that having “been approved and in receipt of the loan, it is our belief that we’re using the funds as intended.” | Ginger Imster, the director of advancement and external affairs at John Burroughs, said on Friday that having “been approved and in receipt of the loan, it is our belief that we’re using the funds as intended.” |
| She said that large portions of the school’s investment income was restricted from being used for staff salaries — a concern echoed by some other institutions — and that the loan would also help the school meet the financial aid needs of students. | She said that large portions of the school’s investment income was restricted from being used for staff salaries — a concern echoed by some other institutions — and that the loan would also help the school meet the financial aid needs of students. |
| Updated June 12, 2020 | |
| So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. | So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. |
| Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. | Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. |
| A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. | A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. |
| The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. | The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. |
| Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission. | Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission. |
| Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home. | |
| States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. | States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. |
| Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. | Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. |
| If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) | If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) |
| Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications. | Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications. |
| The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing. | The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing. |
| If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. | If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. |
| If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. | If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. |
| “Until there is a vaccine, this is our new normal,” she said. “We’re doing our level best to make use of the resources available to us, including low-interest loans.” | “Until there is a vaccine, this is our new normal,” she said. “We’re doing our level best to make use of the resources available to us, including low-interest loans.” |
| Many of the schools that intend to keep the money argue that they need it to continue paying teachers and staff. Some private schools are the largest employer in their towns. | Many of the schools that intend to keep the money argue that they need it to continue paying teachers and staff. Some private schools are the largest employer in their towns. |
| In light of the pandemic, the schools said, donations are dwindling and a potential drop-off in enrollment is expected. Summer camps and other sources of revenue have been canceled. Endowments are shrinking as well. | In light of the pandemic, the schools said, donations are dwindling and a potential drop-off in enrollment is expected. Summer camps and other sources of revenue have been canceled. Endowments are shrinking as well. |
| “I think most people see the beautiful campuses of independent schools, but they don’t see what goes into keeping the organizations afloat,” said Myra McGovern, a spokeswoman for the National Association of Independent Schools, a trade group. “Independent schools are nonprofits, not moneymaking ventures. And most schools are very, very small. The majority of schools do not have any endowment.” | “I think most people see the beautiful campuses of independent schools, but they don’t see what goes into keeping the organizations afloat,” said Myra McGovern, a spokeswoman for the National Association of Independent Schools, a trade group. “Independent schools are nonprofits, not moneymaking ventures. And most schools are very, very small. The majority of schools do not have any endowment.” |
| While the Trump administration has celebrated the S.B.A. program as a lifeline for needy small businesses, the government has also pushed large public companies with access to other sources of capital to return the loans. More than 25 public and private firms, from the burger chain Shake Shack to auto dealers like Penske Automotive Group, have disclosed that they returned the funds. | While the Trump administration has celebrated the S.B.A. program as a lifeline for needy small businesses, the government has also pushed large public companies with access to other sources of capital to return the loans. More than 25 public and private firms, from the burger chain Shake Shack to auto dealers like Penske Automotive Group, have disclosed that they returned the funds. |
| Some prep schools followed suit. The Latin School of Chicago, the Middlesex boarding school near Boston and Episcopal High School in Alexandria, Va., all opted not to receive loans or returned the funds. | Some prep schools followed suit. The Latin School of Chicago, the Middlesex boarding school near Boston and Episcopal High School in Alexandria, Va., all opted not to receive loans or returned the funds. |