Payroll Protection Program loans have provided crucial relief for small local colleges, enabling them to weather the pandemic without having to resort to layoffs or furloughs, writes Michelle Caffrey for the Philadelphia Business Journal.

“The PPP loan was critical for us,” said Jayson Boyers, president of Rosemont College. “What it allowed us to do was to really get to this point without having to furlough, lay off, or reduce faculty.”

Rosemont received a $1.81 million PPP loan from the first stimulus deal.  The college then implemented a hybrid model of both in-person and virtual courses. And thanks to its size, it was able to control any potential outbreaks.

The largest PPP loan in the region was awarded to Gwynedd Mercy University. The school used the $5.3 million to avoid layoffs, furloughs, and staff reduction, according to Vice President for Finance and Administration Jim Trusdell.

The loan covered around eight weeks of the university’s salary costs.

“We made a decision early on as an institution, related to our mission and the fact we are a mission-driven Catholic institution, to pay our people as we went through this process,” said Trusdell.

Read more about PPP loans at the Philadelphia Business Journal by clicking here.