Child Care Update- February 25, 2021
Apply for PPP Before March 10th: Help for Family- and Center-Based Child Care Businesses With Fewer Than 20 Employees
The Paycheck Protection Program (PPP) is a forgivable loan [sba.gov] program to help very small businesses, such as child care programs, with much needed financial support during these unprecedented times. From February 24 to March 10, 2021, only businesses with fewer than 20 employees can apply for a PPP loan. This exclusive application period allows participating lenders [sba.gov] to focus on serving very small businesses, such as family child care (FCC) educators and early care and education (ECE) programs.
The Biden-Harris Administration statement issued on February 22, 2021, provides details on changes to PPP to increase lending opportunities for small businesses to further promote equitable access to relief. The statement includes information on the exclusive application period for PPP to help very small businesses, such as FCC educators and ECE programs. Here’s a link to the statement for more details: Changes to PPP To Further Promote Equitable Access to Relief [whitehouse.gov].
For more information about PPP and other financial business supports, please visit the Office of Child Care’s (OCC) webpage: Early Care and Education Providers: Taking Advantage of the New Small Business Administration Loan and Grant Programs [childcareta.acf.hhs.gov], which includes the following information:
- Two national webinar videos to help you understand and access PPP—one video for FCC educators and one video for ECE programs
- Several resources for small businesses [childcareta.acf.hhs.gov] to help FCC educators and ECE programs learn more about PPP and navigate the challenges created by the pandemic.
Applications for the Paycheck Protection Program are due no later than March 31, 2021, for all businesses, but program funding may run out before then.