The Childcare Business Coach
CARES Act: Paycheck Protection Program & Disaster Relief Loan for Child Care Centers Ep 19
April 06, 2020
Jay Whitney Childcare Brokers, Evelyn Knight
Is Your Childcare Center Impacted by COVID-19?
In this episode, Jay Whitney of Childcare Brokers answers the questions we have all been asking about the Paycheck Protection Program. Please be sure to join our Facebook community for more useful tools, like videos, pdf files and free trainings to help you get through this crisis: https://www.facebook.com/groups/childcarebusinesscoach/
The SBA Coronavirus Relief Loan – Paycheck Protection Program
- Do your childcare center qualify? & What’s needed to determine eligibility?
- How do I calculate the total loan amount my childcare center can get?
- What counts as “payroll costs? What does not count as Payroll costs? Does the PPP cover paid sick leave?
- What expenses will this loan help pay?
- Will I have to pay back my loan? – What is forgiven?
- Will I owe money if I do not maintain my staff and payroll.
- Are there any fees?
- Is collateral or a personal guarantee required?
- What is the interest rate? Over what period will it be paid back?
- What documents will I need to complete my application?
- Can I take out a PPP loan and a SBA Disaster Relief Loan (EIDL)?
- Why some lenders are not interested in the program? (The bank’s interest rate is only 1%!) Since the program is a “first come, first serviced” program, why a center owner should go with lenders who move fast?
Jay Whitney: 770-410-7582