Small Business Loans May Help, But More Assistance is Needed for Child Care Providers
By Aaron Loewenberg
To assist child care providers in applying for the loan program, several organizations, including the First Five Years Fund and the Center for Law and Social Policy (CLASP) have recently released resources that explain exactly how providers can take advantage of the program. Since child care providers operate on slim margins and earn meager profits even in normal economic times, it’s imperative that these businesses have immediate access to capital to ensure they are able to stay afloat during the pandemic and re-open once things start to return to normal.
While immediate access to forgivable loans will be helpful for child care providers in the short-term, much more help from the federal government is needed to ensure the survival of providers in the long-term. The loans only cover about two months of operating expenses and it’s entirely possible the economic fallout will persist for a much longer period of time.
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