We’re dialing in on some important fitness industry news to share with you. Keeping an eye out on consumer trends is vital for the fitness industry, and ClassPass just gave us all a leg up in the race with its 2021 Fitness & Beauty Trends Report.
We also recently came upon an interesting New York Times article that examines a study that may explain why people who are overweight or obese experience more severe COVID symptoms. And lastly, one health club chain will soon open its 400th location.
First, remember the decision to roll back the ERTC? Lawmakers have introduced a new bill to restore the grants and IHRSA signed on in support.
IHRSA Applauds Introduction of ERTC Reinstatement Act
In response to the rollback of the Employee Retention Tax Credit (ERTC), U.S. Representatives Carol Miller (R-WV), Stephanie Murphy (D-FL), Kevin Hern (R-OK), and Terri Sewell (D-AL) introduced the ERTC Reinstatement Act on December 7, 2021. This bill would restore the ERTC for Q4 of 2021, according to a press release by Rep. Miller. IHRSA has joined a coalition of organizations in strong support of this bill and the reinstatement of the ERTC. Liz Clark, IHRSA president & CEO, said, "The Employee Retention Tax Credit has been crucial for the fitness industry still struggling under the weight of COVID-19 related closures and restrictions. The unexpected early termination of the program worsened an already difficult situation for many of these businesses. We applaud Representatives Miller, Murphy, Hern, and Sewell for their leadership in working to restore the promise Congress made when they introduced the program." The IRS has released guidance on how the current ERTC rollback for Q4 will be implemented.