COVID-19 Resources for Early Learning Providers
- Governor’s Facebook Page
- Stay At Home Guide
- A Guide to COVID-19 and Early Childhood Development – Harvard University
THE CARES ACTS
Specific focus on supports for the child care industry right now: https://bipartisanpolicy.org/blog/congress-support-the-child-care-market-through-covid-19/
Guidance from Linchpin Strategies Re: CARES Act SBA guaranteed loans:
Important information for any small non-profit or small business that is interested in taking out one of the SBA-guaranteed loans that was created in the CARES Act (coronavirus #3) – called the Paycheck Protection Program, or PPP – that allows forgiveness of loan funds used to pay salaries of staff making less than $100,000 per year, rent, mortgage, utilities etc:
It is estimated that 39 million entities are eligible for the PPP. If your organization is eligible and interested, it is important to move quickly. It is expected that these loans will be oversubscribed, and loans will be granted on a first-come, first-served basis. *These loans do NOT go through the SBA. Do NOT apply to the SBA for one of these loans.
The PPP loans created in the CARES Act go through banks and credit unions that participate in what is known as the 7(a) program. The SBA guarantees the loan, and will pay the bank for the portion of the loan that you convert to a grant when it is used for mortgage, utilities, salaries, etc.
If you are interested in a PPP loan, contact your financial institution and ask if they participate in the 7(a) program. If your financial institution does not participate, ask if they have a relationship with a bank or credit union that does. As a last resort, you can go to the SBA website and look up a list of participating financial institutions. Relationships are important in banking, and you are more likely to be approved by a lender who knows you, your organization, and your banking history.
We strongly recommend pulling together the financial information needed to apply for a loan as quickly as possible. This information would include your 2019 IRS forms (tax return or 990) if it has been completed; 2018 forms if you have not filed for 2019, and complete end-of-year 2019 income, expense and asset statements if you are submitting the 2018 return. The Small Business Administration is developing guidance to banks now regarding how the PPP will work; that guidance is expected to be released by the SBA to banks on or before Friday, April 3.
Your bank or financial institution will likely have more information by the end of the week, but we do not advise waiting until then to contact your bank and pull your information together.
The Colorado Emergency Child Care Collaborative:
Is matching child care providers in licensed centers and family child care homes with essential/emergency workers who need care for their children. Interest form is located at https://covidchildcarecolorado.com/. To learn more about the details of the Collaborative, visit the FAQ page.
Guidance from the CDHS Office of Early Childhood, including Child Care Webinar Recording:
Child Care Aware of America has put together summaries of how child care providers can access resources now to meet their financial obligations.
A blog post listing Emergency Funding Resources that Child Care Providers Can Use Now
An enhanced toll-free hotline (1-800-424-2246) and online chat as vehicles for just-in-time information and supports to parents, providers and communities. We’ve already answered hundreds of calls and questions, primarily from providers.
CED Coronavirus Resources for Child Care Providers:
During this time as the nation faces the challenges related to COVID-19, CED has compiled a clearinghouse of resources in an effort to help child care providers access federal sources of support. Many child care providers (child care centers and homes) will newly qualify for access to working capital through a variety of programs. We will add to this list of resources as information becomes available.