Elite NYC non-public colleges acquired hundreds of thousands in PPP loans: SBA

Practically two dozen elite non-public colleges in New York Metropolis have acquired hundreds of thousands of {dollars} in federal bailouts meant for small companies struggling amid the coronavirus pandemic, in keeping with knowledge launched by the Small Enterprise Administration.

At the least 23 colleges had been amongst about 600,000 recipients of forgivable loans beneath the Paycheck Safety Program — with most of the prestigious establishments situated in Brooklyn.

They embrace Saint Ann’s in Brooklyn Heights, Poly Prep in Dyker Heights, Packer Collegiate Institute in Downtown Brooklyn and Berkeley Carroll in Park Slope, which had been among the many largest beneficiaries, receiving between $5 million and $10 million every.

Tuition at these colleges — which is usually paid in full prematurely — prices a median of simply over $50,000 a yr for highschool grades.

Additionally they depend celebrities and notable dignitaries amongst their well-known alumni. Actresses Lena Dunham and Jennifer Connelly attended Saint Ann’s, whereas “Good Day New York” anchor Rosanna Scotto graduated from Packer Collegiate.

Saint Ann’s has one of many highest admission charges to Harvard College within the nation, and college students there don’t obtain grades.

Columbia Grammar & Preparatory College on the Higher West Facet, which fees $52,070 a yr for pre-Ok and counts Herman Melville and Sarah Michelle Gellar as graduates, and United Nations Worldwide College, which has campuses in Manhattan and Queens, additionally bagged $5 million to $10 million loans.

Loans within the quantity of $2 million to $5 million went to a handful of different Massive Apple colleges — Fordham Prep, Brooklyn Buddies Seminary, Buddies Seminary, Grace Church College, Marymount College, Calhoun, Metropolis and Nation, Nightingale-Bamford, City, Collegiate and Birch Wathen Lenox.

And Bay Ridge Prep, Blue College, Buckley, Rudolf Steiner, York Prep and Staten Island Academy nabbed $1 million to $2 million in loans.

The New York Metropolis colleges had been listed in an enormous spreadsheet launched Monday by the Small Enterprise Administration — probably the most detailed look but into the PPP program that’s meant to assist hold small companies and nonprofits afloat. The loans are forgivable if the companies can show the money went towards saving jobs.

The spreadsheet, which doesn’t specify actual mortgage quantities, lists small companies that acquired greater than $150,000 — accounting for 75 p.c of the practically 5 million that acquired loans, in keeping with the Treasury Division.

Different PPP mortgage recipients embrace high-end cultural establishments, high regulation corporations, lobbyists and commerce teams.  A enterprise partially owned by Home Speaker Nancy Pelosi’s husband, Paul Pelosi, was listed as receiving between $350,000 and $1 million.

Sidwell Buddies College in Washington — the place former President Barack Obama’s daughters and former President Invoice Clinton’s daughter Chelsea attended — additionally collected between $5 million and $10 million.

Reps from at the very least two of the New York Metropolis colleges — Buckley Nation Day College in Roslyn and Collegiate College on the Higher West Facet — mentioned they didn’t take out PPP loans, though they’re included in SBA’s spreadsheet, together with their addresses. The reps mentioned they by no means acquired the cash and that the spreadsheet is inaccurate.

The opposite colleges didn’t return messages.

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