Financial Resources for Gym Owners: EIDL and PPP Overview

As gym owners are forced to close their doors around the United States, many are turning to the Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) to help their businesses through this challenging time. 

As small businesses, gym owners are eligible to apply for both programs but there are important differences and considerations to make about each. 

At a high level, the EIDL is a working capital loan that will need to be repaid, to help cover fixed debts, accounts payable, and other bills that could have been paid, had the Coronavirus pandemic not occurred. 

Box management made simple.
The all-in-one affiliate software.

The PPP is also a loan, but it is specifically designed to help alleviate payroll costs and is forgivable if 75% or more of the loan is spent on payroll. One important thing to note is that independent contractors can not be considered as part of your payroll expense (only w-2 employees).

There is a lot more to know about each program before applying, which we covered in our webinar with the SBA. Watch the recording below:

We hope this helps you navigate the financial resources available!

Ready to put what you’ve learned into practice?
Download a free PDF handbook with many of NCFIT’s gym management procedures and philosophies that you can implement in your gym today.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Join our community of one million fitness lovers.
Get weekly fitness news and expert advice sent straight to your inbox.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

You might also like…

No items found.
Thank - hope this helps you #BuildBetter!
If the download doesn't start automatically in a few seconds, please click here to access the PDF.
Welcome HybridAF users!
Mention HybridAF on your demo call for 20% off the first year of your Core subscription*!
*Discount applies to new customers only. Not valid with any other promotions.
Brendan Rice
Get your free revenue calculator sent straight to your inbox
How about 65% off?
Book a demo with our team before the end of 2022 and get 65% off Wodify plus an exclusive Wodify Starter Pack.*
*Offer valid for new Wodify Core customers only