To support small businesses like child care centers who were unable to secure relief funding from the CARES Act, Congress has approved an additional $380 billion to restart the Small Business Administration’s Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) program.
How much money is available within each loan program?
$320 billion will go to the PPP (approximately $10 billion of that is for administrative costs) and $60 billion will be available through the EIDL program.
Are the eligibility requirements the same?
Yes. If you were eligible to apply during the first round, you’re eligible to apply this round. More information on eligibility can be found here.
When can I apply?
Child care centers are encouraged to apply as quickly as possible once the SBA announces it is ready to take applications again. You can check their website for updates. While waiting for the application process to resume, take this time to collect all required documentation for the program and send it to your lender. This enables the bank to prepare for submitting your application as soon as the program opens again.
How do I apply?
Instructions on how to apply, including information on eligibility, are located here.
What if I already applied?
If you already filled out an application prior to this new round of funding, you do NOT need to resubmit, but make sure to check with your lender to ensure you’re still in their pipeline.
For more resources developed to help child care centers navigate COVID-19, visit https://www.procaresoftware.com/blog/.