Congress recently passed a sweeping economic stimulus bill, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide relief to America’s families, small businesses, and major industries as they struggle with the effects of the COVID-19 crisis. The CARES Act includes many potential relief opportunities for the nation’s child care industry, which has been hit with widespread layoffs and closures as a result of catastrophic drops in enrollment.
The First Five Years Fund website informs about a small business relief program, the Paycheck Protection Program (PPP), which is available to many child care businesses. This website provides information on how to apply as well as answers to many frequently asked questions about this program.
First Five Years Fund SBA website:
https://www.ffyf.org/small-business-administration-sba-loans-immediately-available-to-child-care-providers/?fbclid=IwAR2fFpHDmeczmlmLqxOY7A-pMuA3OStk9IVtSqos56eOLyaxLxLuK1YhhXQ
For more information beyond what is included here, please visit the SBA Coronavirus (COVID-19): Small Business Guidance & Loan Resources website at https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources or contact your bank.
