Elizabeth Warren urges the SBA and Treasury to help keep child-care providers afloat
Nearly half of day cares, preschools and child-care centers around the country were forced to temporarily close during the coronavirus pandemic. And many are struggling to reopen, especially those attempting to get back on their feet without any federal or state financial support.
Concerned that child-care providers may permanently close without help, Senator Elizabeth Warren (D-Mass.), along with four other Democrats, sent a letter to the Small Business Administration and the Treasury Department on Wednesday urging the federal agencies to ensure that child-care providers are able to access relief funds made available through the SBA’s Paycheck Protection Program. The program offers forgivable loans of up to $10 million to small businesses with less than 500 employees that were impacted by the coronavirus pandemic. The deadline to get a PPP loan approved is currently June 30, 2020.
The lawmakers, which also included Senators Tina Smith (D-Minn.), Jacky Rosen (D-Nev.) and Bob Casey Jr. (D-Penn.) and Rep. Katherine Clark (D-Mass.), urged the federal agencies to provide “clear and timely guidance” to child-care providers and banks administering the PPP loans to ensure that these small businesses are applying for and receiving the loans they need.
Read the full article on the CNBC website here.
By: Megan Leonhardt
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