Our Plan for a $50 Billion Child Care Bailout
By Senators Elizabeth Warren (D-MA) and Tina Smith (D-MN)
Finally, we’ve heard directly from child care providers that they are facing significant obstacles to accessing loans from the Small Business Administration’s Paycheck Protection Program, established in the CARES Act. Right now, many child care providers have struggled to find a lender prepared to process their application, even though the loan program is fully guaranteed by the federal government. So it’s clear that key improvements to the program are needed so that child care providers and all small businesses involved in caring for children and supporting families, including afterschool programs and summer camps, can use it. That’s why our plan would fully fund the Small Business Administration’s Paycheck Protection Program, so that any qualifying small businesses and nonprofits involved in caring for children and supporting families can easily access it.
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