We are working up to keep this page updated daily. We aim to cover everything you need to know in terms of taxes, loans, rent, memberships, cash flow & more as it pertains to the COVID-19 crisis.
WHAT'S HAPPENED SO FAR?
A timeline of key events within the fitness industry.
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March 17, 2020
March 27, 2020
March 31, 2020
April 24, 2020
Slowly return to normal...?
Our most recent posts
Today’s guest post is by The Fitness CPA’s recommended human resources company, ERG HR. If you haven’t yet heard of ERG for fitness HR services, we strongly recommend you check them out! Most fitness business leaders don’t have the time or expertise to properly manage HR compliance. ERG created a simple framework that combines people [...]
What a year it was. As we turn the corner into 2021, the lingering question on every gym owner’s mind is: what happens next? Will virtual workouts rule the world? Or are gym goers aching to get back into their in-person gym routine? We’re here to share the good news: the fitness industry is getting [...]
No fluffy introduction here. You know the deal. If you’re here then you’re a fitness business that needs the skinny on how the new tax bill impacts your business and how to get the most upside from it. So, let me give you the need-to-know info without all the confusing details. Skip ahead to a [...]
You may remember the guys over at NEXO Fitness Solutions from a previous blog post when we spoke about small changes that add up to big changes in a fitness business. They are our go-to experts for everything insurance and equipment financing, with decades of experience focused purely in the fitness industry. Today, they are [...]
We’ve had several clients ask recently about the PPP loan forgiveness application. When are applications due? Have I missed the application form? Can The Fitness CPA complete it? We can understand the urge to put the rollercoaster of the Paycheck Protection Program firmly in the past. But our answers to the questions are simply: The [...]
Here at The Fitness CPA, we speak a lot about what it takes to be a successful fitness business owner. More often than not, the success of a gym boils down to the actions (or inactions) of its owner. If that doesn’t sit well with you, it might be worth diving in to figure out [...]
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 [...]
First off, this post is about the changes to the PPP program in the Paycheck Protection Program Flexibility Act of 2020 only. If you want a full breakdown of the PPP program please check out other blogs which go into much more detail. Second, we understand you are frustrated, and the changes are two months [...]
The COVID-19 crisis is throwing a wrench in all of our lives. Let’s be honest, it’s kicking our butts. As Jason and Greg from Thriveal mention, unless you’re in the toilet paper manufacturing business, your business is taking a wiping right now. And it’s not just our businesses, but our personal lives and mental well-being [...]
Recommended Youtube Videos
Aug 30, 2020
PPP: Why You Should NOT Complete the Forgiveness Application
We've had a lot of questions lately surrounding the PPP loan forgiveness application and process.
Apr 05, 2020
COVID19 Series Q&A: Government Bailouts, PPP & EIDL
Confused about the government bailout options? We get it. Watch this video for the ABCs of PPP & EIDL.
Apr 01, 2020
Coronavirus [COVID-19 Series] CARES Act Decision Matrix
On Friday, March 27th the United States government passed a $2.2 Trillion dollar stimulus package to help those affected by COVID-19. It was written to help fitness businesses like yours (and individuals) who have been shuttered during the coronavirus outbreak.
INDUSTRY UPDATES
Here are more resources we recommend checking out.
COVID-19 Government and Financial Resources
Topics include:
Part 1. Topics: billing, staffing and member retention.
Part 2. Topics: preventing spread of the COVID-19 at your gym, virtual training options, marketing efforts.
How Suppliers Are Helping Health Clubs Through the Coronavirus Crisis
Being Proactive During the Coronavirus Crisis Shutdown
How to Engage Members with Virtual Solutions During the Coronavirus Shutdown –[/fcpa_accordion_item][fcpa_accordion_item title="Up-To-Date IRS.gov Coronavirus Tax Relief page"]The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus. This page will be updated as new information is available. Read more here.[/fcpa_accordion_item][fcpa_accordion_item title="Employee Retention Credit from IRS.gov"]WASHINGTON – The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. Read more here. [/fcpa_accordion_item][fcpa_accordion_item title="US Senate COVID-19 Small Business Relief Q&A"]US Senate COVID-19 Small Business Relief Q&A Cares Act: Download Guide Here. [/fcpa_accordion_item][fcpa_accordion_item title="Quick Senate Overview: The Coronavirus Aid, Relief, and Economic Security (CARES) Act"]Supporting Small Businesses: The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides relief for small businesses that have trouble covering payroll and operating expenses because of the COVID-19 pandemic. This link is a brief overview of the key pieces of legislation Read more here.[/fcpa_accordion_item][fcpa_accordion_item title="SBA Economic Injury Disaster Loan & Emergency Grant (EIDL) Grant Overview from US Senate"]The Coronavirus Aid, Relief, and Economic Security (CARES) Act temporarily expands eligibility for SBA economic injury disaster loans (EIDL) and provides an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within 3 days of applying for an SBA Economic Injury Disaster Loan (EIDL). For more from the US Senate Read more here.[/fcpa_accordion_item][fcpa_accordion_item title="Employee Retention Tax Credit US Senate Overview"]The Coronavirus Aid, Relief, and Economic Security (CARES) Act creates a refundable payroll tax credit for businesses (large and small) and non-profits that retain their employees during the COVID-19 crisis. The tax credit is equal to 50% of wages and compensation. There is an overall limit on wages per employee of $10,000. The credit is provided through December 31, 2020. Read more here.[/fcpa_accordion_item][fcpa_accordion_item title="SBA 7(a) Paycheck Protection Program Loan FAQ by Trusted Lender"]ApplePie Capital is proud to help small businesses quickly access the capital they need through this program. The information in the FAQs below is derived from a number of government issued reports, however exact details on eligibility, application and process will not be finalized until the SBA issues official guidance, which we understand should be later this week. Read more here.[/fcpa_accordion_item][fcpa_accordion_item title="Deloitte COVID-19 Stimulus: A Taxpayer Guide"]Congress has approved and President Trump has signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a massive tax-and-spending package intended to provide additional economic relief to address the impact of the COVID-19 pandemic. The CARES Act became law on March 27, 2020. Download here.[/cq_vc_accordion_item][cq_vc_accordion_item accordiontitle=”Should I Take the PPP or the ERTC?”]All You Wanted To Know About Maximizing Your Tax Credits through the CARES Act. Read more here.[/fcpa_accordion_item][fcpa_accordion_item title="Employee Retention Tax Credit"]All You Wanted To Know About The Employee Retention Tax Credit. Read more here.[/fcpa_accordion_item][fcpa_accordion_item title="Payroll Protection Program"]All You Wanted To Know About The Payroll Protection Program. Read more here.[/fcpa_accordion_item][fcpa_accordion_item title="EIDL Loans"]All You Wanted To Know About EIDLs (Economic Injury Disaster Loans). Read more here.[/fcpa_accordion_item][fcpa_accordion_item title="MP COVID-19 Resource Page"]Get Important Information Now: As new updates emerge and laws are passed, check back here regularly. Read more here. [/fcpa_accordion_item][fcpa_accordion_item title="Unemployment Benefits Finder (for individuals)"]COVID-19 (Coronavirus) update: New federal law provides unemployment benefits for self-employed and other workers, adds an additional $600 to weekly benefits, and offers other benefits that you can read about in these FAQs about unemployment insurance or the complete guidance from the U.S. Department of Labor. For more information read here.[/fcpa_accordion_item][fcpa_accordion_item title="IRS Families First Coronavirus Response Act Q&A"]The Families First Coronavirus Response Act (the “FFCRA”), signed by President Trump on March 18, 2020, provides small and midsize employers refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing paid sick and family leave wages to their employees for leave related to COVID-19. Read more here.[/fcpa_accordion_item][fcpa_accordion_item title="Your $1,200 Economic Impact Payments (aka: Stimulus Check)"]WASHINGTON — The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some taxpayers who typically do not file returns will need to submit a simple tax return to receive the economic impact payment. Read more here.[/fcpa_accordion_item][fcpa_accordion_item title="Department of Labor Families First Coronavirus Response Act: Labor Poster Requirement"]The Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide their employees with paid sick leave and expanded family and medical leave for specified reasons related to COVID-19. These provisions will apply from April 1, 2020 through December 31, 2020. Read more here. [/fcpa_accordion_item][fcpa_accordion_item title="Department of Labor Families First Coronavirus Response Act: Questions and Answers"]As provided under the legislation, the U.S. Department of Labor will be issuing implementing regulations. Additionally, as warranted, the Department will continue to provide compliance assistance to employers and employees on their responsibilities and rights under the FFCRA. Read more here.[/fcpa_accordion_item][fcpa_accordion_item title="U.S. Department of Treasury – Assistance for Small Business"]The Paycheck Protection Program is providing small businesses with the resources they need to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead. Read more here. [/fcpa_accordion_item][fcpa_accordion_item title="Paycheck Protection Program (PPP) Application"]Application form here. [/cq_vc_accordion_item][cq_vc_accordion_item accordiontitle=”SBA Funding Options”]Coronavirus Relief Options: We’re here to help you overcome the challenges created by this health crisis. We offer multiple funding options for those seeking relief. Read more here.[/fcpa_accordion_item][fcpa_accordion_item title="US Treasury PPP FAQ"]Visit FAQ page.[/fcpa_accordion_item]

