New data shows larger Connecticut businesses received millions in PPP money
Almost 1,000 Connecticut businesses received help through the federal government's Paycheck Protection Program, but newly released data revealed that some of those businesses aren't so small.
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Jul 7, 2020, 7:49 PM
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Updated 1,633 days ago
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Almost 1,000 Connecticut businesses received help through the federal government's Paycheck Protection Program, but newly released data revealed that some of those businesses aren't so small.
In all, money flowed to 945 companies in the state – mostly small manufacturers, medical providers, car dealers and law firms.
But money also went to Symmetry Partners – a Glastonbury investment firm managing billions in assets. It received between $3 million and $5 million from the PPP.
Salisbury School in Litchfield County also received PPP money. Although tuition runs up to $65,000 a year, the school received $2 million in federal money.
The Salisbury School told News 12 that without the PPP money, staff would have lost their jobs. Because of COVID-19, they had to refund up to $700,000 in tuition.
“As a small, not-for-profit, independent school, we rely heavily on annual revenue from tuition and donations to cover much of our operating budget,” said Salisbury Head of School Chisholm Chandler. “And, as one of the most critical local employers, with 150+ employees, our goal during this crisis is to provide our staff with a stable, secure and sustainable environment, including the preservation of their income, during these unprecedented times.”
Another unusual recipient: Bougainville Fund Management, a Lakeville-based fund that has two employees and invests its money in mining in Papua New Guinea. Bougainville did not respond to emails and calls for comment.
Sen. Richard Blumenthal says the government had very little time to vet applicants.
"There should be criteria set that determines need, whether or not the small businesses actually need them and how big those businesses are, and whether they have access to other sources of funding,” said the senator.
At BJ Ryan's Restaurant in Norwalk, they said it seemed unfair that larger businesses got more money.
"There are probably some small business that didn't get any money, and they might not reopen,” said Buckley Ryan. “It's a scary thing."
"The government has extended the PPP through Aug. 8.
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