The CARES Act Playbook for USA Based Gyms and Fitness Studios

The CARES Act Playbook for USA Based Gyms and Fitness Studios A quickstart guide to the CARES Act and your gym Please consult a professional if you are unsure about how taking these actions will impact your business.

Dan Uyemura
April 1, 2020
The CARES Act Playbook for USA Based Gyms and Fitness Studios

The CARES Act loans will run out.  Checkout this video on how to correctly fill out the PPP application as you might only have one chance.  You can also download the PPP application now.

Q. Should we still do the EIDL application for the $10k even with the upcoming PPP appliation?

A. Our guideline is to do both for now.  You do not have to accept either and both applications are really short and streamlined.

As of the last update to this playbook, there looks to be an unprecidented opportunity you can participate in.

The laws and the guidelines of these loans are rapidly changing. We will try to keep this playbook up to date with the most current information.

You can apply for an Emergency Injury Disaster Loan (EIDL) and a the CARES Act Payroll Protection Plan (PPP) Loan, and receive what can amount to two Federal Grants.

Below we outline the plans as they are shaping up, but please remember, every situation is different and we encourage you to talk to a professional to make sure this information is correct and applies to you.

Table of Contents

How To Get Money Today To Get Through This

  1. Summary of Actions
  2. Do this
  3. Why
  4. Concepts
  5. The Economic Injury Disaster Loan (EIDL)
  6. General terms
  7. $10,000 Grant
  8. Application
  9. The CARES Act Paycheck Protection Program (PPP)
  10. General terms
  11. Compile Documentation
  12. Financials
  13. Business Tax returns
  14. Personal Tax returns
  15. Personal Financial Statement
  16. BONUS – Letter to Lender
  17. Finding A Lender
  18. Application
  19. Apply For the PPP Loan Forgiveness

Summary of Action

Do This

Do not get caught up in the details as they are still changing.  The government’s intent is to save businesses and jobs!
  1. Apply for the EIDL Loan now.
  2. Prepare your documentation and financials
  3. Apply for the CARES Act Paycheck Protection Program Loan when it is available.


  • You can always say no to any grant or loan you get if it’s not right.
  • You can’t get in line once the line is closed.
  • There are no fees or pre-payment penalties for either program.
  • There are no personal guarantees or collateral for either loan (under $200,000 for EIDL).


  • Loan – Money that will be required to pay back.
  • Grant – Money that you will NOT be required to pay back.
  • Loan Forgiveness – An amount of a loan that will be erased, and will NOT be required to pay back.
  • Payment Deferrment – A length of time you will not have to make payments or accrue interest on a loan.

The Economic Injury Disaster Loan (EIDL)

The SBA offers disaster assistance in the form of low-interest loans to businesses, renters, and homeowners located in regions affected by declared disasters.

The EIDL Loan process has just been streamlined and includes the Emergency Funds grant up to $10,000.  The funds are limited and available on a first come, first served basis, so apply now!

General Terms

  • All gyms should qualify for this and the application should take less than 10 minutes.
  • Per the SBA, the emergency cash advance will be funded within 3 days and forgiven if the loan application is approved.
  • EIDL Loans can be rolled into the PPP loan, under the terms of the PPP loans
  • Loans approved under $200,000 should not require a personal guarantee via the CARES Act.
  • After applying, you can decline to accept the EIDL loan if the amount or terms do not suit your needs with no penalties or fees.

Watch the video here on how easy the Economic Injury Disaster Loan (EIDL) application process is.

Apply Now!

The Paycheck Protection Program (PPP)

“This legislation provides small business job retention loans to provide eight weeks of payroll and certain overhead to keep workers employed.”

The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed. Visit for more information on the Paycheck Protection Program.

General Terms

  • All gyms should qualify for this, including non-profits, veterans organizations, self-employed trainers, and independent contractors.
  • Streamlined application and same day approval.
  • Maximum loan amount of $10 million
  • 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)
  • Interest rate of 0.5% with a 2 year maturity.
  • First payment deferred for 6 months.
  • No personal guarantee or collateral.
  • No borrower or lender fees.

The Treasury and the Small Business Administration expect to have this program up and running by April 3rd, 2020 so that businesses can go to a participating SBA 7(a) lender, bank, or credit union. The loans will be forgiven as long as the funds are used to keep employees on the payroll and for certain other expenses.

Gather Your Information

This is a very streamlined application and should take you no more than 8 minutes to fill out.  You will need the following:
  1. Business information (name, address, contact info, TIN/SSN) and personal information about the owners of the business
  2. Average monthly payroll (see note below) *
  3. Number of jobs
  4. Purpose of the loan (payroll, rent/mortgage interest, utilities, or other)
  5. Business entity information.
  6. If available, provide Federal payroll tax return for 2019; and for the period of January 1, 2020 to present. If this is not available, please provide Form 941, the Employer’s Quarterly Tax Return.
  7. If available, provide State payroll tax return and unemployment insurance filings for 2019; and for the period of January 1, 2020 to present.

* For purposes of calculating “Average Monthly Payroll”, most Applicants will use the average monthly payroll for 2019, excluding costs over $100,000 on an annualized basis for each employee. For seasonal businesses, the Applicant may elect to instead use average monthly payroll for the time period between February 15, 2019 and June 30, 2019, excluding costs over $100,000 on an annualized basis for each employee. For new businesses, average monthly payroll may be calculated using the time period from January 1, 2020 to February 29, 2020, excluding costs over $100,000 on an annualized basis for each employee.

How To 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 lenders.
  • 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.

Finding A Lender

Any SBA Approved lender can process your CARES Act PPP Loan.

We recommend checking regional banks local to you. These banks will likely have less volume of applications to deal with, and can provide you with more personalized service.

As always, it’s best to work with someone you have a relationship with.  If you have a banker or lender who you have a good working relationship with, reach out to them.

Paycheck Protection Program Loan Forgiveness

Collect Proof / Documentation

For the period of 8 weeks immeidately following your PPP Loan close date, collect all records proving that your paid the following:

  • Payroll to employees, contractors and owners
  • Rent or mortgage
  • Utilities
  • Payroll taxes
  • Employee benefits

File Loan Forgiveness Application

As of the time of this writing, the loan forgiveness application guidelines have not been set.

We will update this section with more information when it’s available.

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Dan Uyemura

Dan Uyemura built his first gym in 2008. Since then he's built and sold a couple of gyms. In 2011 Dan decided to help gym owners run more stable, profitable businesses.

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