Elite NYC Private Schools Take In Millions In PPP loans: Report

NEW YORK CITY—Nearly two dozen elite private schools in New York City have been awarded millions of dollars in emergency loans as part of the federal government’s response to the coronavirus pandemic, enabling the elite institutions to potentially offset the cost of their faculty and staff.

According to the New York Post, at least 23 schools were among about 600,000 recipients of forgivable loans under the Paycheck Protection Program — with many of the prestigious institutions located in Brooklyn.

“The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country,” U.S. Secretary Steven T. Mnuchin said in a news release Monday..

The average loan size is approximately $100,000, Mnuchin said. Saint Ann’s in Brooklyn Heights, Poly Prep in Dyker Heights, Packer Collegiate Institute in Downtown Brooklyn and Berkeley Carroll in Park Slope all received significantly more—between $5 million and $10 million each, SBA data reports.

Columbia Grammar & Preparatory School on the Upper West Side received $5 million to $10 million loans.

Fordham Prep, Brooklyn Friends Seminary, Friends Seminary, Grace Church School, Marymount School, Calhoun, City and Country, Town, Collegiate and Birch Wathen Lenox accepted PPP loans ranging Loans between $2 million to $5 million.

Bay Ridge Prep, Blue School, Buckley, Rudolf Steiner, York Prep and Staten Island Academy took in loans ranging between $1-$2 million.