COVID-19 Funding Resources for Early Education Providers
We at Fyv are working hard to make child care and early education programs more accessible to families while helping early education programs grow. The current health situation has no doubt been difficult for families and providers. For providers, we have put together funding options and access financial relief for your business and employees.
The right information matters: Where to get information about COVID-19:
COVID-19 is a rapidly evolving situation. The following are reputable sources of information we recommend for staying up to date.
Centers for Disease Control and Prevention (CDC): Stay updated with the situation in the United States and on a per-state basis. Also, check out this CDC guidance specific to schools and child care providers.
World Health Organization (WHO): Stay updated with the situation across the globe. Check out their guidelines Key Messages and Actions for COVID-19 Prevention and Control in Schools.
CARES Act Relief
Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2 trillion economic stimulus package that has several programs that can contribute to aid for child care businesses and workers.
Payroll Protection Program
Administered by the Small Business Administration (SBA), the payroll protection programs will provide a low-interest loan of up to $10 million. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. The payroll protection program is eligible for independent contractors, sole proprietors, non-profits, and businesses with fewer than 500 employees.
Learn more about the Payroll Protection Program here.
Employee Retention Credit
Administered by the IRS, the Employee Retention Credit is a tax credit equal to 50% of qualified wages and health benefit expenses if you keep employees on the payroll despite your business shutdown. This credit is capped at $5000 per employee.
Learn more about the Employee Retention Credit here.
Economic Impact Payments of $1200 per taxpayer
Administered by the IRS, all US residents with a valid social security number may receive up to $1200 (based on adjusted gross income).
Learn more about the $1200 Economic Impact Payments here.
Families First Coronavirus Response Act (FFCRA)
Administered by the Department of Labor, employers with fewer than 500 employees may be eligible for this benefit. For child care providers, you must provide employees with paid sick leave if they are experiencing COVID-19 symptoms, need to take care of a family member who is, or if they can no longer work because of child care/school closures. To claim this benefit, you must use the Employment Tax Return (Form 941). The credit will apply towards and reduce your employer federal payroll tax. The full details from the IRS can be found here.
Learn more about the FFCRA here.
Facebook Small Business Grant
Facebook is helping for-profit companies (that have been in business for over a year) with 2-50 employees to receive a cash grant. Apply here
Learn more about the Facebook Small Business Grant here.
GoFundMe Small Business Relief Initiative
GoFundMe will be matching $500 to small businesses that have a) been negatively impacted by COVID-19 and b) starts a fundraising campaign with GoFundMe.
Learn more about the GoFundMe Small Businesses Relief Initiative here.
Verizon’s Small Business Recovery Fund
Verison will be providing small business owners, with a focus on women-owned businesses and businesses that operate in underserved communities with grants of up to $10,000 per business.
Learn more about the Verizon Small Business Recovery Fund here.
Save Small Business Fund
The U.S. Chamber of Commerce Foundation will provide small business owners with 3-20 employees that are located in an economically vulnerable community with grants of up to $5,000 per small business.
Learn more about the Save Small Business Fund here.
At Fyv, we believe in access to high-quality early education. We provide transparent payment plans and financial relief to families seeking high-quality early education while helping early education providers grow. If you are interested in providing financial relief to your families when you’re ready to welcome them back, partner with us.