Elite NYC Private Schools Received Millions In PPP Loans: SBA
Nearly two dozen elite private schools in New York are listed as having received millions of dollars in federal bailouts for small businesses battling the coronavirus pandemic, according to data released by the Small Business Administration.
At least 23 schools have been listed among about 600,000 grant loan recipients under the Paycheck Protection Program – with many prestigious institutions located in Brooklyn.
They include Saint Ann’s in Brooklyn Heights, Poly Prep in Dyker Heights, Packer Collegiate Institute in Downtown Brooklyn, and Berkeley Carroll in Park Slope, which were among the biggest recipients, receiving between $ 5 million and $ 10 million each, according to data from the SBA.
Tuition fees at these schools – which are usually paid in full up front – cost on average just over $ 50,000 per year for high school grades.
They also count celebrities and notable dignitaries among their famous alumni. Actresses Lena Dunham and Jennifer Connelly attended Saint Ann’s, while “Good Day New York” host Rosanna Scotto graduated from Packer Collegiate.
Saint Ann’s has one of the highest admission rates to Harvard University in the country, and students do not receive grades there.
In an email to parents in May, Poly Prep’s COO Hung Bui said the institution had applied for the loan to provide a financial safety net for its hourly workers during a long imposed lockdown. by the government, and said they were “so grateful” for were approved.
“We have been able to provide some financial stability to our professors, administrators, field crews, cleaning staff, security staff and all of our hourly staff whom we hold dear,” Bui wrote.
“The PPP loan directly supports our commitment to keep our community together,” he added.
Columbia Grammar & Preparatory School on the Upper West Side, which charges $ 52,070 per year for pre-K and counts Herman Melville and Sarah Michelle Gellar as graduates, and United Nations International School, which has campuses in Manhattan and the Queens, also pocketed $ 5 million for $ 10 million in loans.
Loans in the amount of $ 2-5 million have been made to a handful of other schools in the Big Apple – Fordham Prep, Brooklyn Friends Seminary, Friends Seminary, Grace Church School, Marymount School, Calhoun, City and Country , Nightingale-Bamford, Town, Collegiate and Birch Wathen Lenox.
And Bay Ridge Prep, Blue School, Buckley Country Day School, Rudolf Steiner, York Prep, and Staten Island Academy have secured loans of $ 1 million to $ 2 million.
Schools in New York City were listed in a massive spreadsheet released Monday by the Small Business Administration – the most detailed review yet of the PPP program to help small businesses and organizations with purpose. nonprofit to stay afloat. Loans are repayable if businesses can prove that the money was used to save jobs.
However, representatives from at least two of the New York-area schools – Buckley Country Day School in Roslyn, Long Island and Collegiate School on the Upper West Side – said they did not take out loans. PPP, even if they are included in the SBA spreadsheet, along with their addresses. Representatives said they never received the money and the spreadsheet was inaccurate.
And a Nightingale-Bamford spokesperson said the school had withdrawn its P3 loan application and decided to rely on its large endowment instead.
The SBA did not immediately respond to a request for comment seeking clarification.
The spreadsheet, which does not specify exact loan amounts, lists small businesses that received more than $ 150,000, which represents 75% of the nearly $ 5 million in loans, according to the Treasury Department.
Other beneficiaries of PPP loans include high-end cultural institutions, leading law firms, lobbyists and business groups. A business partly owned by House Speaker Nancy Pelosi’s husband, Paul Pelosi, has been listed as receiving between $ 350,000 and $ 1 million.
The Sidwell Friends School in Washington – home to the daughters of former President Barack Obama and Chelsea, the daughter of former President Bill Clinton – also raised between $ 5 million and $ 10 million.
The other schools did not return any messages.