As the Child Care Stabilization grants start opening up and distribute funds to providers. It is essential to understand how the fund can be utilized. The federal guidance gives broad categories for allowed expense, including
- Personnel costs
- Rent, utilities, facilities, maintenance, and insurance
- Personal protective equipment, cleaning, and other health and safety practices
- Equipment and supplies
- Goods and services
- Mental health services
Remember, this is a grant, not a loan; you do not need to repay it. Understanding ways to use the funds and “pay yourself” will allow you to use the grant for a retirement plan, an emergency fund, additional staff, increase wages, insurance and so much more.
To learn more on how to Pay Yourself, please read Tom Copelands Article.