New data shows that colleges and universities received billions from the Paycheck Protection Program.
According to data released by the Small Business Administration (SBA), billions of dollars in loans have been lent to higher education institutions, organizations, and companies from the Paycheck Protection Program (PPP).
The CARES Act appropriated $350 billion for the PPP to assist small businesses. Designed to help keep workers on the payroll, the PPP provides loans to small businesses and nonprofits and a portion of the loan is forgivable. When the money quickly ran out, Congress provided another $310 billion to extend the program.
Many non-profit and for-profit colleges were eligible for the loans and decided to take them as they faced both increased costs and losses in revenue. Most small public colleges and universities were unable to take the loans because they are not for-profit companies or 501(c)3 non-profit organizations.
After weeks of demands for transparency from Congress, the SBA published the data for the businesses and non-profits that received loans. The data included companies’ North American Industry Classification System (NAICS) code and a range of the amount received. Because the SBA only disclosed a range, it is impossible to know the exact amount of each loan. The ranges are:
The NAICS code 611310 represents those under the classification, “Colleges, Universities, and Professional Schools.
