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NYC Private Schools Received Millions In Federal Payroll Loans
By
Sophia Chang
Published Jul 8, 2020
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By
Sophia Chang
Published Jul 8, 2020
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While the New York City public school system is facing some $642 million in budget cuts, dozens of the city’s private schools have received millions of dollars in the federal Paycheck Protection Program, according to data released by the Small Business Administration.
Schools like Columbia Grammar on the Upper West Side, Town School on the Upper East Side, Saint Ann’s in Brooklyn Heights, Berkeley Carroll in Park Slope, Packer Collegiate in downtown Brooklyn, and the United Nations International School received loans between $5-$10 million each.
These schools rank among the wealthiest in New York City -- the Town School’s endowment was worth nearly $41 million, while Packer Collegiate’s endowment in 2019 was worth $36.1 million, according to the New York Post. Berkeley Carroll reported a $10 million endowment in last year’s records.
The precise amount of each loan was not immediately available from the SBA, which administered the loans and released the data Monday in ranges of amounts. Companies with 500 or fewer employees are eligible for PPP loans, which are capped at $10 million. The loans are eligible to be forgiven if the money is used on payroll, interest on mortgages, rent, and utilities.
Brooklyn Friends, Calhoun School on the Upper West Side and Fordham Prep in the Bronx received $2-$5 million in PPP loans. The Brooklyn Heights Montessori School and the French Institute at the Alliance Francaise also received loans between $1-$2 million.
The New York Post reported some private schools were apparently on the SBA's database in error, including the Collegiate School on the Upper West Side and Nightingale-Bamford on the Upper East Side. Collegiate School officials told the Post they didn’t apply for a loan, while Nightingale-Bamford officials said they withdrew the school's application.
The PPP loans are in addition to the funds provided by the federal CARES Act. Chalkbeat reported that last month Department of Education Secretary Betsy DeVos “issued guidance that said private schools should receive CARES Act dollars based on their total enrollment. That means that private schools, which are also facing financial stress, would receive a larger share of the federal relief dollars than was originally anticipated because they generally enroll a smaller share of low-income students, compared to public schools.”
In May, President Donald Trump’s spokesperson Judd Deere told POLITICO that "The president has made it clear that he does not believe private schools with significant endowments should be receiving PPP money and those that have should consider returning it." The statement came after reports surfaced that the Washington D.C. private school that Barron Trump attends had received an undisclosed amount of PPP.
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Sophia Chang
Sophia Chang is a former WNYC and Gothamist reporter.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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