Colleges, Universities, and Professional Schools

Businesses and organizations in the Colleges, Universities, and Professional Schools industry (NAICS code 6113, part of the Educational Services sector) received 3,254 PPP loans totaling $2.07B during the COVID-19 pandemic.

The average loan for this industry was $636,003 — above the national PPP average of approximately $67,000. This reflects the relatively large size of many businesses in this sector, which tend to have higher payroll costs and more employees.

96.6% of loans in this industry were forgiven — totaling $2.05B. To qualify for forgiveness, borrowers had to demonstrate that they maintained headcount and compensation levels and used at least 60% of loan proceeds for payroll expenses.

Notable recipients in this industry include THE BANK STREET COLLEGE OF EDUCATION of NEW YORK, NY ($8,387,117); ASSUMPTION COLLEGE of WORCESTER, MA ($7,500,000); and NEW YORK FILM ACADEMY LTD. of NEW YORK, NY ($7,449,783).

The loan amount distribution for this industry shows a more even spread across loan sizes, suggesting a mix of small and mid-sized businesses. Because borrower names are withheld for loans under $150,000, a substantial portion of recipients in this industry may not appear by name in this dataset.

As part of the broader Educational Services sector — schools, colleges, universities, and training centers. — businesses in NAICS 6113 were particularly impacted by the pandemic-era shutdowns and capacity restrictions that drove many businesses to apply for emergency relief.