The COVID-19 shutdown has posed great challenges for many people and everyone is feeling the pain. If you’re a gym owner, personal trainer, group fitness instructor, or someone in-between, you could be facing the prospect of tough financial times right about now. We may have some good news for you.
We’ve included a collection of resources below that will help you navigate the Cares Act, new legislation passed on March 27th, 2020 focused on providing financial relief to businesses and individuals effected by the COVID-19 Coronavirus.
The Paycheck Protection Program (PPP), a new loan program under the Small Business Association (SBA), kicks in tomorrow, April 3.
Thanks to the CARES Act, banks and lenders provide loans through the SBA to small businesses who have been negatively affected by COVID-19. We have some highlights below but we encourage you to continue your own research and make an informed decision.
Here’s the full versions of the CARES Act for you to refer to, because it’s always good to see the original legislation before drawing any major conclusions on it.
The PPP loan can be used for payroll costs, interest on debt, rent utilities, group health insurance premiums, etc. and will be available to all businesses with fewer than 500 employees, including independent contractors, sole proprietors, and the self-employed. If you’re in the fitness world as a gym owner, trainer, etc., you just might be qualified to apply.
Most businesses can start applying on April 3, but contractors and the self-employed can begin applying on April 10. June 30 is the last day you can apply for this loan. Here’s the information you need to know about the maximum loan offered, as well as the payment terms.
The estimated time it takes to complete the application is two hours and ten minutes, although it may take you less time if you don’t need to fill out all the parts.
If you have any questions, reach out to your accountant or legal advisor for more specific advice and guidance. And make sure to get your application for assistance submitted as soon as possible!