Elite NYC private schools received millions in PPP loans: SBAJuly 7, 2020
Nearly two dozen elite private schools in New York City have received millions of dollars in federal bailouts meant for small businesses struggling amid the coronavirus pandemic, according to data released by the Small Business Administration.
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.
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 beneficiaries, receiving between $5 million and $10 million each, according to the SBA data.
Tuition at those schools — which is typically paid in full in advance — costs an average of just over $50,000 a 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” anchor Rosanna Scotto graduated from Packer Collegiate.
Saint Ann’s has one of the highest admission rates to Harvard University in the country, and students there don’t receive grades.
In an email to parents in May, Poly Prep’s chief operating officer Hung Bui said the institution applied for the loan to provide a financial safety net for its hourly workers during a long, government-imposed lockdown, and said they were “so grateful” to have been approved.
“We were able to provide a measure of financial stability to our faculty, administrators, grounds crew, cleaning staff, security personnel, and all of our hourly workers whom we deeply treasure,” Bui wrote.
“The PPP loan directly supports our commitment to keeping our community together,” he added.
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