Preheat your oven to 350°F (175°C) and spray a 9x5 loaf pan with non-stick cooking spray.
In a large mixing bowl, whisk together the flour, sugar, baking powder, and salt.
Cut the softened butter into the dry mixture until crumbly.
Add the eggs, vanilla extract, and cherry juice. Mix until just combined.
Fold in the chopped maraschino cherries.
Pour the batter into the prepared loaf pan and spread evenly.
Bake for 1 hour and 10 minutes or until a toothpick inserted comes out clean. Allow to cool on a wire rack.
While cooling, prepare the cream cheese frosting by beating together cream cheese and butter until fluffy. Gradually add powdered sugar, followed by milk and a pinch of salt.
Once the bread is completely cooled, spread the cream cheese frosting on top and decorate with sprinkles.
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Notes
Store leftovers in an airtight container at room temperature for up to 5 days.