With all the schools closed, stay at home orders in place throughout the country and parents giving notice to providers, you might be wondering what would happen if you had to close your childcare due to the Coronavirus.
Everything seems to be up in the air with no real timeline for when things will come down. Today I want to not only give you hope, but also some real things you can do if you need to close your childcare.
As I write this, the United States along with the rest of the world is in the middle of a worldwide pandemic caused by the Coronavirus (COVID-19).
Parents are being laid off and giving their childcare notice. In turn, providers are having to make decisions on whether to remain open or close their doors.
Today I want to ask the question “What would you do if you need to close your childcare?”
4 Things You Can Do If Coronavirus Makes You Close Your Childcare
1. Defer, Defer, Defer!
If your income is suffering you should know that many of the state & federal emergency orders now in place include provisions for financial assistance to citizens being impacted by the pandemic. That includes businesses as well. Financial analysts are advising people to conserve their cash.
So the first thing I want to get you to do is to reach out to your bills. ALL OF THEM! See what kind of assistance they can give you for reducing or possibly deferring payments until this crisis is over. Many already have programs in place for you to defer payments until this is over. So call them!
TIP: Over the weekend, my husband and I were able to defer our car payment for three months by simply reaching out to our financing company.
If you decide you need to defer any of your bills, be sure you understand the terms and conditions. Like how long is the deferment for and are there any fees involved? Deferment most likely will lead to a need for repayment at some point so make sure you get the details.
2. What Funds Are Available?
The federal government is promising small business loans as well as a stimulus package that will include childcare providers.
One provider told me she is considering refinancing her home loan to weather the Coronavirus storm. Start thinking about what financial options you have available to you.
Now is the time for thinking out the box!
Check out these resources for funding:
- Emergency Funding Resources for Childcare Providers
- SBA Disaster Loan Info.
- Take Action for Stimulus $ With Child Care Aware
Again, if you decide you need to take out a loan, be sure you understand the terms and conditions. Like how long is the loan period and what fees are involved? Loans typically are not forgiven and will need to be repaid so make sure you understand and agree to all the terms of the loan.
3. Offer the Essentials
If you feel comfortable doing so there are possibilities for other work during this crisis. Check with local authorities, your local CCR, advocate or union about opportunities to offer needed childcare to essential workers.
There is a current need for childcare for those essential workers. State and local governments are reaching out to providers to see if they can fill the need.
While providing the need this could also be an option to fill the earnings gap if you have had to close your childcare business due to the Coronavirus pandemic.
4. Be Ready!
Once this is over, there will most likely be a huge need for childcare services. Think about all the parents who are out of work now. They will need childcare to be able to return to work. So BE READY for the surge! –
- Come up with a marketing plan for your childcare – get those cards and flyers ready
- Plan for what spots you will want to fill – infants, toddlers, school-age
- Have enrollment forms ready to go – Maybe create a Fast-Track enrollment pack
This Will Pass
The last thing I want to do is to give you hope. I know it might seem like a small thing right now because we are in the thick of this Coronavirus outbreak. I know that your income & childcare businesses might be suffering. But we all need to realize that at some point this will pass.
Life will return to something that passes for almost normal. The key is we must figure out a way to weather this storm.
Please be calm, be safe and be healthy.
- Help your childcare business financially survive the Coronavirus
- Get The FREE Coronavirus Policy & Flyer Pack