Lakewood Church in Houston, the nation's largest single-site megachurch led by celebrity pastor Joel Osteen, received a $4.44 million loan under the Paycheck Protection Program in July, the Houston Business Journal reported.
The forgivable loan was originated by Bank of America, according to the U.S. Small Business Administration data, and approved during July-August, the Business Journal reported.
The data was released Dec. 1 following a Freedom of Information Act request.
The church has a weekly attendance of at least 50,000, but attendance dropped sharply during the coronavirus pandemic.
The church's loan was used to pay 368 full- and part-time employees, Lakewood spokesperson Donald Iloff said in a written statement.
"Lakewood suspended its in-person services for more than seven months (March 15 though Oct. 18), impacting its ability to collect substantial donations during those services," Ilof said. "Believing the shutdown would only last a few weeks, Lakewood did not initially apply for PPP assistance during the first half of the program.
"However, as the shutdown persisted month after month, given the economic uncertainty, Lakewood finally applied for the PPP loan and has been able to provide full salaries and benefits including health insurance coverage to all of its employees and their families."
Osteen had a net worth of about $60 million in 2017, according to media reports, but Ilof noted, "since 2004, Pastors Joel and Victoria Osteen have not received salaries from Lakewood Church, and the PPP funds do not provide any personal financial benefit to them, whatsoever."
In-person services have since resumed, but only at about 25% capacity, Ilof said.
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