SBA Paycheck Protection Program
Updated February of 2021
The $900 billion stimulus is the first significant aid package since the $3 trillion CARES Act passed at the beginning of the pandemic. Here is the House Appropriation Committee’s detailed summary of the relief package. Included is $284 billion for another round of the Paycheck Protection Program. Details on the Paycheck Protection Program are summarized starting on page 11.
The SBA Paycheck Protection Program (PPP) is designed to keep your workers on payroll and your doors open. The program provides access to low interest and partially to fully forgivable loans to small business owners and nonprofit organizations with no personal guarantee or collateral required. Funds may be used to help pay business payroll, utilities, and other operating expenses during the Covid-19 outbreak. PPP funds are not taxable at the federal level and it’s money you can use to help you through this financial crisis.
The SBA is currently offering:
- First Draw PPP Loans for first time program participants
- Second Draw PPP Loans for certain businesses who have previously received a PPP loan
Informational Webinars
Join the Rhode Island SBA for a free, RI-based child care specific webinar on the Paycheck Protection Program. The SBA will explain how the program works, connect providers with resource partners for application assistance, and answer any questions about the program. Already receive a PPP loan? SBA will also outline Second Draw PPP loan eligibility. There will be one session for center-based providers and two for home-based providers (one in English and one in Spanish). See below for details.
Center-based provider session
Home-based provider sessions (no registration is necessary, join using the zoom links below)
- In English, Tuesday, February 16th at 6:00pm: Join the zoom meeting by clicking this link https://us02web.zoom.us/j/84108866189 [google.com] [r20.rs6.net] (Meeting ID: 841 0886 6189)
- In Spanish, Wednesday, February 17th at 6:00pm: Join the Zoom meeting by clicking this link https://us02web.zoom.us/j/88123086809 [google.com] [r20.rs6.net] (Meeting ID: 881 2308 6809)
Other Resources
Recently, the Office of Child Care’s (OCC) National Center on Early Childhood Quality Assurance, in partnership with First Children’s Finance, hosted a webinar to provide basic information to help child care center owners and directors access SBA resources such as PPP loans. You can download the slides and watch the presentation here.
For home-based providers, Tom Copeland’s recent webinar sponsored by the Office of Child Care’s (OCC) National Center on Early Childhood Quality Assurance, “How Family Child Care Providers Can Take Advantage of the PPP and EIDL Forgivable Loans,” can be watched and downloaded here.
LISC Resources for PPP:
- Get an overview of the program and walk through of the application process- including some special considerations for child care providers (YouTube) – please note, this was recorded during the first round of PPP funding
- Visit LISC’s PPP technical assistance resource page (materials provided in English and Spanish)
You can read more about this program along with other federal programs available through the SBA in our News Article, “COVID-19 SBA Resources for Child Care Providers.”
Please reach out to the LISC Child Care Facilities Fund team at riccelff@lisc.org if you have questions!