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:
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.
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 27th.
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:
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.