One Step Closer to Replenishing Funds to SBA Paycheck Protection ProgramOn Tuesday, the U.S. Senate approved a $484 billion relief bill. As anticipated, the bill essentially replenished funding for the previously established SBA Paycheck Protection Program (PPP) without changing any of the eligibility criteria or other aspects of the program. The bill centers around providing $380 billion for small businesses and also includes $75 billion for hospitals and $25 billion for disease testing.
IHRSA remains appreciative that over 60% of U.S. clubs have the opportunity to take advantage of this guaranteed loan. Please let us know if you’ve applied and how it has helped.
SBA PPP—If you are eligible for the PPP program but funding ran out before your application could be approved, get ready to apply quickly.
The House of Representatives are expected to pass the increase in PPP funding later this week, and the President will sign it into law shortly thereafter.
Be in touch with your SBA loan provider to be prepared to file your application as soon as possible.
New Economic Relief
With the replenishing of PPP funding settled and heading to the House of Representatives for expected approval before the end of this week. Attention is now shifting to the next economic relief bill.
Timing for the next bill is unclear, with Senate leadership indicating it could be a month before Congress considers another relief package.
IHRSA and our greatly expanded D.C. team have been reaching out to Congressional contacts, telling the industry’s story and pushing for the industry’s priorities including:
- Extending the coverage of the SBA PPP to all health clubs,
- Business interruption insurance to cover COVID-19,
- Rent relief
- Exploring all other avenues of relief as they become available.
In addition, IHRSA joined a business lobbying group to work on creating a 9/11 style Business and Employee Continuity Recovery Fund to compensate businesses impacted by COVID-19.
IHRSA recognizes that the fitness industry plays a central and essential role in the promotion and maintenance of mental, physical, and social health and wellbeing. As an industry, we want to get back to providing a safe and supportive place for our communities to exercise as soon as possible.
Last week President Trump announced guidelines for reopening the U.S. economy and included health clubs as part of phase one. Being included in phase one of the federal reopen guidelines is a huge vote of confidence for our industry—however, the decisions on reopening rest with state and local governments.
IHRSA is reaching out to Governors to communicate the importance of health clubs to their communities and reopening as soon as it is safe and possible.
Today, IHRSA released a set of questions you should ask yourself regarding your club’s reopening plan.