Q: 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%.

Question 1

Recent Updates

Accepted Answer

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

Question 2

Paycheck Protection Program (PPP)

Accepted Answer

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%.

Question 3

SBA Economic Injury Disaster Loan (EIDL)

Accepted Answer

ReOpen for Eligible Businesses Press Release As of 6/15/2020EIDL Virginia SBDC Network COVID-19 Assistance US Small Business Administration Website SBA Economic Injury Disaster Loan (EIDL) Program SBA Clarification for Faith-Based Oranizations

Question 4

CARES Act Child Care Funding Grant

Accepted Answer

Specifically for open eligible Child Care Programs Child Care And Development Block Grant (CCDBG)  Provider Letter Application Packet FAQ Application

Question 5

Other Loans

Accepted Answer

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​

Question 6

Other Grants

Accepted Answer

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

Question 7

Tips for Applying for Loans

Accepted Answer

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

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