General Information
Business resources for early education providers addressing COVID-19

COVID-19 HELP

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Disaster Recover:  Loans & Grants
Business resources for early education providers addressing COVID-19

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CARES Act Child Care Funding Grant


  • Child Care And Development Block Grant (CCDBG)




SBA Economic Injury Disaster Loan (EIDL)





Paycheck Protection Program (PPP)


  • PPP Funds still available
    • Closes: 6/30/2020
  • PPP Fact Sheet​​​​​​​
  • PPP Memo
  • PPP Borrower Application
  • Virginia 7A SBA Lenders​ List
  • PPP Flexibilitly Act
    • As of 6/5/2020
    • New anad Revised Guidance for PPP Forgiveness
    • PPP Changes Chart
  • New EZ and Revised Full Forgiveness Applications News Release
    • As of 6/17/2020
    • Revised Full Forgiveness Application
    • New EZ Forgiveness Application for eligible borrowers
      • Fewer calculations
      • Less documenttion
      • Applies to eligible borrowers that:
        • Are self-employed w/no employees; OR
        • Did not reduce the salaries or employee wages more than 25%, and did not reduce employee number or hours; OR
        • Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce employee salaries or wages more than 25%.




Other Loans


VSBFA Child Care Financing Program

  • Loans up to $150,000 for centers and $10,000 for Family Day Homes: Information (Brochure)
  • Available to licensed/religious exempt centers and licensed/voluntarily registered family day homes
  • Funds must be spent on tangible business items
  • Interest rates reduced to 0%, 6 months deferment
  • Application fee is waived​




Recent Updates


PPP Flexibilitly Act

  • As of 6/5/2020
  • New anad Revised Guidance for PPP Forgiveness
  • PPP Changes Chart
PPP - New Forgiveness Application
  • As of 6/17/2020
  • New EZ and Revised Full Forgiveness Applications News Release
  • Revised Full Forgiveness Application
  • New EZ Forgiveness Application for eligible borrowers
    • Fewer calculations
    • Less documenttion
    • Applies to eligible borrowers that:
      • Are self-employed w/no employees; OR
      • Did not reduce the salaries or employee wages more than 25%, and did not reduce employee number or hours; OR
      • Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce employee salaries or wages more than 25%.
PPP Funds still available
  • Closes: 6/30/2020
  • See PPP section below for more information
EIDL is available again
  • As of 6/15/2020
  • EIDL ReOpen for Eligible Businesses Press Release




Other Grants


United Way Grant Opportunity Wellbeing Bridge

  • The purpose of the RFP is to support agencies with adapting and responding to the health and well-being of people who are impacted by the COVID-19 pandemic
  • Request for Proposal
LISC Small Business Relief Grant
  • Specifically for small businesses and enterprises affected by COVID-19 to cover paying rent and utilities, meeting payroll, paying outstanding debt to vendors, upgrading technology infrastructure and other immediate operational costs.
  • Priority given to qualified businesses in. underserved communitites, including entrepreneurs of color, women and veteran owned businesses that often lack access to flexible, affordable capital.
  • More Information
US Chamber of Commerce Foundation
  • Resource Site
  • $5,000 Grants to Small Employers




Tips for Applying for Loans


Be prepared to apply for the next round of stimulus loans by gathering these documents now. Each lender will differ in their requirements but these are the most common.

  • Tax Returns
  • Business Bank Account Statement
    • Use a separate Business Bank Account
    • Set up a Business Bank Account if you don't already have one
    • Establish a banking relationship
  • Payroll Cost Reports (Payroll Company)
  • Balance Sheet
  • Profit & Loss Report
  • EIN (Form SS4)
  • W9
  • VA W9

How to Apply for Forgivable SBA Loans (FDH)

Webinar by Tom Copeland

Geared for Family Child Care Providers





Navigating

the New Normal

STEP 1:
Financial Forecasting

Financial Forecasting Worksheet

(Simplified Worksheet)

STEP 2: 
Strategic Planning

   Adapt Quickly to:

  • Guideline Changes

  • Customer Needs

  • Enrollment Changes

  • Staffing Needs

Strategic Planning

Worksheet

STEP 3:
Back to the Basics:

A Strong Foundation to

re-build on

STEP 4:
Automate &

Implement Technology

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Early Education Business Consultants | Virginia Beach, VA
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