I’m writing now with an update on the financial resources available to charter schools to help you plan in these uncertain times.
Today, President Trump signed into law a $484 billion coronavirus relief package designed to replenish funds for small businesses that have been impacted by COVID-19. Below we have outlined for you how this bill will affect charters.
$310 billion total for the Paycheck Protection Program, with $250 billion unrestricted and $60 billion set aside for smaller institutions (half of the $60 billion would go to lenders with assets of less than $10 billion, and half would go to those with assets between $10 billion and $50 billion)
$60 billion for Economic Injury Disaster Loan program, $10 billion of which would be in the form of grants
$2.1 billion for Small Business Administration administrative expenses
As a reminder, our team has summarized the state and federal resources available to charters schools for loan and grant options. To read this summary, click here.
Lastly, we encourage you to continue to review the resources available to all charter schools below:
Coronavirus Resources Page: Visit this page to find updates and resources that pertain to your school as it navigates closure and COVID-19. Here you can find guidance published by SDE, the CT Department of Health and other relevant information as it becomes available. We are also continuously sharing out resources via our Facebook page.
Coronavirus Communications Guide: Refer to this guide for communication best practices, templates and an FAQ as you communicate with students, families and your community. Also included in here is a template for a letter to your elected officials, if you’d like to share how your school is navigating this difficult time ’s closure status, thank them for their leadership and encourage them to think of your students and families during this crisis.
Share stories with our team: We know you are working hard to meet students’ needs in many ways, and continuing to bring joy to our families and communities. Feel free to send us stories, both big and small and we will share them on social media and with local media.
We will continue to provide you with important COVID-19 updates as we become aware of them. In the meantime, please do not hesitate to reach out if you have any questions.