In December 2020, Congress funded a new Paycheck Protection Program (PPP) to help small businesses during the COVID-19 pandemic. The new PPP is more flexible than the original and allows prior PPP loan recipients to apply for a second loan under certain conditions. The PPP is now open for applications.
This fall, as schools make difficult decisions about when and how to reopen during the pandemic, families also face tough choices. Parents across the country are struggling to balance holding down a job or pursuing their own education with attending to their children’s health, education, safety and social connections.
If you filed a tax return in 2018 or 2019 or if you receive Social Security, Railroad Retirement, or certain Veterans benefits, you likely received an Economic Impact Payment (“EIP” also known as a “stimulus check”) automatically in the form of a direct deposit, paper check, or debit card.
The COVID-19 situation and its impact are fluid, changing from day to day. There are many uncertainties regarding child care and child care operations, and child care professionals at both the program and system level must be nimble in their response to the pandemic. They must lean on and build upon the strengths that have served them well and will continue to serve them well during COVID-19 and beyond: relationship-based practices and data-driven decision making.
On June 4, 2020, three major changes were made to the Paycheck Protection Program (PPP) loan forgiveness program to make it more flexible and less burdensome for borrowers to receive full loan forgiveness. These changes apply to new borrowers and those who already received their loan, and should make it easier for PPP loan recipients to have their loan completely forgiven by the Small Business Association. This added flexibility is particularly helpful for businesses that are still not fully operational.
Child Care Aware® of America (CCAoA) understands that this is an uncertain time for child care providers, as they make difficult decisions about what's best for their business and the families and community they serve. This is also an uncertain time for families as they make decisions about child care. The safety and well-being of staff, family members and children is of utmost importance.