Financial Resources for Your Fitness Business
This post was written by Amy Abraham (Zen Planner Sales Manager, Former Gym Owner) and Rob Schuler (Zen Planner Account Executive).
This is a challenging time for everyone, particularly for you, fitness business owners who provide so much value to the community. While we can’t make COVID-19 go away right now, we can help provide business owners like you resources to wade through the financial aspects of this crisis.
Not Sure Where to Go for Help? Start Here!
SCORE, the nation’s largest volunteer business mentorship group, has launched their Coronavirus Small Business Resource Hub specifically tailored to financial guidance for small businesses. There are too many excellent resources here to list, be sure to visit this site!
What If I Can’t Pay My Bills?
The Consumer Financial Protection Bureau offers a number of steps you can take to protect yourself or a loved one financially, both in the short and long term:
Help Paying Your Mortgage
The Making Home Affordable (MHA) program offers assistance working with your mortgage company if you are having difficulty paying your mortgage:
https://www.makinghomeaffordable.gov/need-help/Pages/default.aspx
Essential Services in Your Area
211 is the most comprehensive source of locally-curated social services information in the U.S. and most of Canada. If you need assistance with things such as finding food, paying bills, mental health services or any other essential resources visit this site:
http://211.org/services/covid19
Department of Labor Resources by State
Find programs and services offered in your state such as how to file for unemployment and resources for employers: https://www.dol.gov/general/location
Low-Interest Loans
Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19) through the Small Business Administration. Get more information on this and many other resources here: https://www.sba.gov/disaster-assistance/coronavirus-covid-19
Families First Coronavirus Response Act
The U.S. Department of the Treasury, IRS and U.S. Department of Labor have implemented Coronavirus-related paid leave for workers and tax credits for small and midsize businesses:
https://www.dol.gov/coronavirus
Insurance
Many states are now requiring COVID-19 to be included in business interruption insurance. While the specifics are still going to lie within your own policy, here are some informative resources and questions to ask your provider:
Business Interruption Insurance Coverage and COVID-19:
https://www.natlawreview.com/article/business-interruption-insurance-coverage-and-covid-19
FAQs on Business Interruption Insurance and COVID-19
https://www.dfs.ny.gov/consumers/coronavirus/business_interruption_insurance_faqs
Small Business Relief through the C.A.R.E.S. Act
President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (C.A.R.E.S.) Act to provide significant relief for small businesses and employees, among other benefits:
For daily content updates to help you navigate COVID-19, check out the Rapid Recovery Toolkit.
I’m Coach Kelli, a devoted CrossFit gym owner with 15 years of experience managing my facility, along with owning yoga studios and wellness centers. Beyond the fitness world, I have a passion for cooking, cherish moments with my children and family, and find joy in spending time outside. Having experienced the highs and lows, I’m dedicated to leveraging my expertise to help you grow and succeed on your fitness journey.
About the Author: Kelli Sweeting
I’m Coach Kelli, a devoted CrossFit gym owner with 15 years of experience managing my facility, along with owning yoga studios and wellness centers. Beyond the fitness world, I have a passion for cooking, cherish moments with my children and family, and find joy in spending time outside. Having experienced the highs and lows, I’m dedicated to leveraging my expertise to help you grow and succeed on your fitness journey.
