Listen to Recording of Webinar: "New Laws Offer Financial Resources to Family Child Care Providers"
Here is the recording of my webinar, "New Laws Offer Financial Resources to Family Child Care providers."
Here is a copy of the power point of that webinar.
I answered dozens of questions during the webinar and many more that I didn't have time to answer. I will be posting all the questions and my answers on my website soon.
One answer I gave on the webinar was incorrect: Stimulus checks received by providers will not reduce their 2020 tax refund, nor will it create a larger tax bill if you owe money at the end of the year. Sorry for the confusion.
During the webinar I discussed two new loan/grant programs sponsored by the Small Business Administration (SBA). They are the Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP). Recent news media stories reveal that both programs are off to a shaky start. Some banks aren't participating in the programs, some banks are making it difficult for small business. In addition there are delays and fears that the programs are running out of money quickly.
All of this is regrettable. However, despite these problems, I still encourage family child care providers to apply for these forgivable loans.
- You may have to shop around to find a bank or credit union that will take your loan application
- You may be frustrated by the difficulty in filling out the application and providing documents to the SBA or bank
- It may take awhile for your application to get processed
Don't give up! If the programs run out of money Congress may put more money into them. More lenders may eventually come around to helping very small businesses such as family child care providers. We don't know exactly what the future will hold. In the meantime, you have nothing to lose by applying for theses forgivable loans.
Tom Copeland - www.tomcopelandblog.com
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