Epic Charter Schools moves forward $30 million loan for summer payroll costs

Epic Charter Schools, the virtual charter school serving students across Oklahoma, is moving forward with a loan to pay staff for the summer.

The district's governing board met on Tuesday, where board members voted to approve a $30 million line of credit with Regent Bank to cover expenses for July, as well as part of the 2025-2026 school year.

Of the $300 million budget reported by Epic, the board says it was only left with $750,000.

The loan comes after the district laid off more than 350 employees earlier this month.

SEE ALSO: Epic Charter Schools cuts 357 staff members, phases out Learning Centers

Epic Charter Schools says that the $30 million line of credit is confirmed, citing a need due to a lesser carryover than it takes to operate through the month of July. The school says there is no state aid allocation in July, and the first state aid payment comes in mid-August.

By the numbers: Epic financial struggles

$755,756 dollars currently in Epic's bank account

$251,995,080.86 in revenue received year-to-date (as of April 30) for Epic

$22,527,979.54 cash on hand as of April 30