A new bill, passed this week in Washington, will replenish funding for critical COVID-19 small business relief programs through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The legislation includes $310 billion in additional funding to the Paycheck Protection Program (PPP) and an additional $60 billion for the Small Business Administration’s Economic Injury Disaster Loans (EIDL).
This supplemental emergency funding bill comes after relief programs ran out of money due to an overwhelming demand from small businesses across the country, including many child care providers.
More from the First Five Years Fund: “According to a new survey of more than 5,000 child care providers conducted by the National Association for the Education of Young Children (NAEYC), 53 percent of child care centers and 25 percent of child care homes have applied for PPP loans, but the program ran out of funds within 13 days. In addition, 69 percent of providers surveyed are concerned about taking on debt or loans and are worried about paying them back.”