This week, I'm sharing some answers to the biggest questions that we're getting regarding the newest round of PPP, the latest data on U.S. club closures, an announcement about a new great collaboration between IHRSA and REX Roundtables, information about IHRSA's educational webinar series, which is kicking off again for 2021, and a few of the goals and objectives for the Global Health & Fitness Alliance.
It's time for another installment of IHRSA's Take 5, sponsored by Precor.
New Round of PPP Loans: FAQ
We've received a lot of questions regarding the newest round of PPP that the SBA and U.S. Treasury announced recently. We're going to include some helpful links to even more information in the description of this video. But here's just a few quick answers to some of the most frequent questions that we've been getting over the last week or so.
You may be eligible for a second round of PPP if these three things apply to you.
- Number one: You previously received PPP and will or have already used the full amount for authorized uses only.
- Number two: You had no more than 300 employees.
- Number three: You can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
Also, just a few other quick tips, the payroll multiplier for the health and fitness industry is 2.5. You should submit your application as soon as possible. You can use community or large banks, preferably working through a specific contact person that you already have a relationship with.
For more information though, be sure to check the links in the description of this video. This is a great program that will be a saving grace for many clubs around the country.