75 Questions About PPP, EIDL & Surviving COVID-19 As a Gym or Fitness Studio

75 questions EIDL, PPP & getting through COVID19 for Gyms

We recently hosted a roundtable webinar with Club Industry over on their platform about surviving COVID-19 as a fitness business owner, which government funds to use, how to create new revenue streams and more. Since the webinar, we’ve received over 70 questions by listeners wanting more information about their own financial situations or post-COVID-19 outlooks in general.

Many of the questions submitted are great questions and applicable to everyone, so we thought we’d share them here on the blog. In case you’re looking for your own submissions, all Q&A’s are listed by first name in alphabetical order.

Here are a few questions we’re answering:

  • · What is the tax impact of using PPP funds? (See Veronica V.)

  • · How do we create new revenue streams? (See Shara O.)

  • · Do you anticipate a large number of members who pay monthly dues but never come to cancel their memberships? What impact on business model? (See Barry B.)

  • · What are the top 3 unemployment laws I should be concerned about? (See Mike C.)


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More Reading

For more Q&A, check out our sibling post: An Accountant Answers Your Questions Regarding Small Business Loans 

Recently, the Flexibility Act passed to give us more guidance on PPP funding. You can check out our explanatory post here: The Flexibility Act Explained 

As of June 15th, EIDL applications opened back up. I recorded a 4 minute video over on YouTube to answer a few questions and get you started on the application. Watch it here: EIDL Applications OPEN!


Have a question that we didn’t cover?

Submit your question here and one of The Fitness CPA’s team members will respond within the next 24-48 hours. You can also sign up for future updates here.

In the meantime, check out our COVID-19 Resource Hub where we’ve compiled our latest blog posts & YouTube videos along with third party resources that we find valuable. There is some great stuff in there.

As always, we’re here to help. If none of the above helps you out – feel free to send us a message here. We’ll get back in touch in 24 hours.


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