This Is Why It’s Not Too Late to Get Thousands in PPP & EIDL $$$
27 Apr
We know you’re frustrated – we are too. But if you’re a gym or fitness studio, please read this blog closely. This may be your final opportunity to obtain thousands of dollars in PPP and EIDL funds (or to be next in line if they are refunded at a later time).
If you’d rather listen, Eric is explaining his thoughts in a short 8 minute YouTube Video Here:
So far, we’ve been guiding and advising our clients on all things COVID-19 related for fitness businesses. You can catch up on previous resources here.And while that means we’re not getting any tax returns done and work is piling up, it also means it will be worth it if we can help one more small business owner obtain funding to keep their business alive. We’re committed and we’re not giving up, and neither should you.
Why Should You Even Bother?
That’s what everyone is saying: just give up. Isn’t that what you heard when you started your business? How many doubters have stacked the odds against you in life so far? And yet you persevered. If you want to give up, we get it. Make no mistake, the path forward is going to be a hard road for those who survive.
The fact is this: many of the businesses who are throwing in the towel were never going to make it anyways. The fitness industry was overly saturated with often well intentioned but ill-suited operators. I need to ask, are you going to survive and thrive after COVID-19? If so, you need to act now.
If you are a small business, chances are you didn’t get any of that funding. Only 4% of the initial applicants were approved. And unless you’re living under a rock you heard me and many others take to the streets (from the comfort of our home offices) to decry the abuse of power and corruption that resulted in millions going to the largest corporations.
Why You Need to Keep Trying for PPP and EIDL Funds
Even if you haven’t started either process yet, there are two main reasons why you need to apply for both programs now:
· Round 2 Funds May Last Longer
· Most big corporations have already been funded (… and stolen funds intended for small businesses). So round two of funding this week should be comprised of smaller loans. So maybe, just maybe the funds will last longer if the banks do what they are supposed to.
· There will be another stimulus package.
· And even though that package may not be funded until May or even June, it may include additional PPP and EIDL funding. And when those funds come through, those who applied now will be next in line to obtain those funds.
So, take action, be next in line, and get your PPP application in with your bank now. And check back regularly to get your EIDL application submitted at SBA.org too.
What Do You Need to Do to Get Your PPP and EIDL Money?
First, take a deep breath. You’re going to need a lot of patience. It’s going to be frustrating. You’re going to hit dead ends and seemingly go around in circles. Lenders will rebuff you and websites will go down. But what would you do for a couple thousand dollars? A few thousand dollars?
And for many gym and fitness business owners…
What would you do for tens of thousands of dollars?
Economic Injury Disaster Loan (EIDL) Next Steps
The SBA website has stopped taking applications for the EIDL money but I expect them to open back up due to the additional $60 billion in funding in the Phase 3.5 stimulus package mentioned earlier. A reminder, the EIDL funds are obtained directly from the www.SBA.org website (unlike the PPP funds which are obtained through banks).
We’ve covered every step of what you need to do next for PPP funding in our article here.
But in essence you need to get off your butt, get in touch with a lender and start the application process or follow up on your current application until it’s fully approved and waiting for SBA funding. Your exact next step depends on where you are in the application process. Where are you in the PPP Process? We’ve broken it down step by step here. Keep pressing forward, your small business deserves these funds:
What are you waiting for? You, your business, your kids, and your grandkids will be paying down our national debt for decades to come. You might as well get a small share of the money while you still can.
Have You Already Had Success?
If you’ve already had success obtaining PPP or EIDL funds using our content we’d love to hear your success story. Just email me [email protected] or use our contact us page. It’s all confidential, but it totally lifts us up to hear of fitness pros across the nation having small wins amongst all the chaos happening right now.
We’ve answered questions about these government programs from fitness business owners just like you in our Q&As here and here but now we’re asking that you answer our call to take action and get your government funds.
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.
CPA & Founder | Accountant, husband, father, mountaineer. Fitness is such a big part of who I am. Maintaining a healthy lifestyle, eating well (mostly paleo), hiking, backpacking, mountaineering, practicing yoga and Crossfit are all important cornerstones of life. But I love ice cream and cookies too much to say no! I love helping owners make sense of their business and finding ways to grow it. It’s an honor to help you see situations, scenarios and opportunities from all sides so you can make informed decisions.
[ultimate_heading main_heading="Get the best fitness accounting know how delivered right into your inbox" main_heading_color="#ffffff" sub_heading_color="#ffffff" alignment="left" main_heading_style="font-style:italic;font-weight:800;" main_heading_font_size="desktop:32px;" sub_heading_font_size="desktop:36px;" main_heading_font_family="font_family:Raleway|font_call:Raleway|variant:800italic" sub_heading_style="font-style:italic;"][/ultimate_heading]
"I thought, "No Way!?" Is this a prank? We're getting back $116,232! The Fitness CPA was the only business that let us know that ERC was even available. It will help us tremendously, especially after the challenges we have faced over the past 14 months." Peter Blumert, Prevail Conditioning