Grow

SBA Paycheck Protection Program (PPP) Application - First look from PushPress for our US gyms

April 1, 2020
TLDR;

[embed]https://www.youtube.com/watch?v=gTEI2kR3MQ4&feature=youtu.be[/embed]Walk-through of the SBA Paycheck Protection Program (PPP) Application as of March 31, 2020. Here are the preliminary details:

  1. All gyms should qualify for this, including non-profits, veterans organizations, self-employed trainers, and independent contractors.
  2. Streamlined application and SAME DAY APPROVAL.
  3. Maximum loan amount of $10 million
  4. Loan forgiveness if proceeds used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs)
  5. Interest rate of 0.5% with a 2 year maturity.
  6. First payment deferred for 6 months.
  7. No personal guarantee or collateral.
  8. No borrower or lender fees.

The application should only take 8 minutes (according to the preliminary document).Sign up for our CARES Act Playbook for more updates like this video.Are you a gym or fitness studio owner (CrossFit, martial arts, MMA, yoga, pilates, personal trainer, HIIT, bootcamp, etc.)?Sign up for our FB group - The Gym Survival Guide, where like minded owners share what is working during this pandemicLatest updates from the SBA

No items found.

The gymOS Podcast

Helping gym owners build better businesses, one episode at a time.
Listen Now

Ready to scale your fitness business?

Try our hassle-free Gym Management Software loved by thousand of successful Gym Owners.
Get started for $0/month
“PushPress is the reason my gym became profitable.”
—Joe M. Gym Owner

Follow along and build a better gym with us

Get actionable strategies and ideas to help you grow your gym and manage it successfully, in your inbox every week!

No Spam. Ever. Unsubscribe anytime.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.