CORONA UPDATE TO NFPT TRAINERS AND ASPIRING TRAINERS
We are closely following developments, making adjustments and bringing you new information to support the fitness industry and professional trainers.
One thing is CERTAIN: Life still happens, and we can’t stop everything that we do (we just have to do it a little differently, at least for now). As trainers, and aspiring trainers, we can use this time to be productive and come out on the other side of this with more knowledge and more resource than ever before – stay positive. Know that the struggle which stretches us now, builds us up for later.
This page is a resource for:
Understanding the CARES Act and How To Apply for It THE STIMULUS PACKAGE!
WHO CAN APPLY?
SMALL BUSINESSES include ALL Businesses with 500 or fewer employees:
- For-profits and Nonprofits
- Veteran Organizations
- Tribal Business Concerns
- Sole Proprietorship’s
- Self-Employed and Independent Contractors
WHERE CAN I APPLY?
With any SBA Lender or Federally Insured Credit Union. Note: we use a Huntington Bank PDF download for illustration purposes only, we do not endorse any one source of lending institution.
WHEN CAN I APPLY?
- Starting April 3, 2020, small businesses and sole proprietorships can apply for and
receive loans to cover their payroll and other certain expenses through existing SBA
- Starting April 10, 2020, independent contractors and self-employed individuals can
apply for and receive loans to cover their payroll and other certain expenses through
existing SBA lenders.
- Other regulated lenders will be available to make these loans as soon as they are
approved and enrolled in the program.
- Fill out the CARES BORROWER APPLICATION in order to be prepped and ready to go when you apply with your bank/financial institution (the more prepared you are the better off you will be)
- You can apply for both an Economic Injury Disaster Loan (through the SBA) and a Payroll Protection Program Loan, but there may be no duplication in the use of funds.
- The maximum loan amount is 2.5 times your monthly payroll, with a maximum interest
rate of 4%.
- A portion of the loan can be forgiven. Subject to certain restrictions, the portion of the loan eligible for
forgiveness can include payments made during an eight-week period following your loan funding (the
eight weeks cannot go beyond June 30, 2020) for the following: payroll and benefits, interest payments on
mortgages, rent payments, health insurance, and utility payments.
- These will be unsecured loans that do not require personal guarantees.
- You may be able to defer payments up to 12 months.
- It is our understanding that these loans are on a first come first serve basis (when the allocated relief funds run out, it may no longer be possible to apply for these SBA relief loans)
- The Tax Foundation has very specific and detailed FAQs that cover many different scenarios and links to respective state resources
We’re rooting for you! We’re praying for the industry that we love! And, together, we will get through this – fitness isn’t a trending business, it’ll be here long after this is history. We hope that you and your loved ones are safe and able to find reasons, blessings, and encouragements that turn frowns into smiles.
Stay healthy, stay strong – and stay positive!