This Is Why It’s Not Too Late to Get Thousands in PPP & EIDL $$$

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:

Subscribe to our YouTube Channel here!

Want to skip ahead?

· Why Should You Even Bother?
· Isn’t the Money All Gone?
· More Money Approved for PPP and EIDL
· Why You Need to Keep Trying for PPP and EIDL Funds
· What Do You Need to Do to Get Your PPP and EIDL Money?
· Paycheck Protection Program (PPP) Next Steps
· Economic Injury Disaster Loan (EIDL) Next Steps
· Other Stimulus Options Besides PPP and EIDL
· Have You Already Had Success?
· Have a Question? We’ve Got Your Answer

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.

Read: More PPP funds are coming. But wait, that’s not all! Here what you need to know and why you should apply for PPP and EILD funding today!

Isn’t the Money All Gone?

The initial $2.2 Trillion stimulus established the $349 Billion Paycheck Protection Program and funded the existing Economic Injury Disaster Loan program. All funding was exhausted within 12 days. 44% of those funds went to big businesses in amounts of $1MM or more.

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.

More Money Approved for PPP and EIDL

Then “Phase 3.5” of the $484 billion stimulus act was passed Thursday by the House and signed into law by the president. This phase included refunding for both broke programs: $250 Billion for the PPP and $60 for the EIDL.

Banks can officially start submitting PPP applications to the SBA at 7:30a Monday April 27^th.

No one is sure when the SBA will begin accepting additional EIDL applications.

Even if funds run out in a couple of days time, we recommend you get in line for PPP and EIDL funds today.

We cannot stress this enough. And I’m not the only one advocating this strategy – if you don’t believe me maybe you’ll trust some fancy author at Forbes.

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).

Action Item: Keep checking back regularly, especially this week and on Monday, and apply as soon as you’re able. Here’s the link to the SBA.gov’s EIDL page.
And here’s the link to the main SBA support page in case they change things up.

I would try both links regularly.

Paycheck Protection Program (PPP) Next Steps

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:

Get Your Next Steps Guide For PPP Funding

Other Stimulus Options Besides PPP and EIDL

Now there are other options available and we’ve covered them in this post here but the PPP and EIDL programs mentioned here are the most time sensitive. If you end up not needing the funds you can always decline or return the money.

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 Eric@TheFitnessCPA.com 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.

Have a Question? We Have Your Answer

If you have a question, even if you’re not our client, just email me Eric@TheFitnessCPA.com or use our contact us page and I’ll respond in 24-48 hours. As always, we’re here to help.

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.

Stay strong fitness pro – we’re rooting for you.

Author
Recent Posts

Eric Killian

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.

Latest posts by Eric Killian (see all)

Building a Virtual Community With Competitors… Here’s Why & How You Should Do It Now. - May 29, 2020
Facebook Q&A: PPP and EIDL for Fitness Businesses - May 6, 2020
Workers Who Refuse to Return to Work: What You Can Do and How to Respond - May 5, 2020

COVID-19, Fitness, Fitness studio ownership, Staff, Taxes