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Preschool and Daycare Discussion
Reply to "CARES Act and Childcare Facilities "
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[quote=Anonymous][quote=Anonymous]How would they pay back the loan except to raise rates when they reopen? Its a bunch of bad choices. If you cannot afford to pay them, reach out and make a plan, offer something to hold your spot.[/quote] You clearly did not read the link. Sigh. The entire loan amount is forgivable, so long as (1.) the loan proceeds are spent on wages/rent/sick leave/utilities, (2) full time employee head count is restored to the previous level before the crisis, and (3) average wages are not reduced by more than 25% (relative to wages before the crisis). No one is on the hook for the loan, so long as the daycare keeps good documentation of how the loan is used. It will be forgiven and forgiveness will not be taxable. It's free money if you can do the paperwork. [/quote]
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