In early September, Small Business Administration (SBA) made some changes to the COVID Economic Injury Disaster Loan (EIDL) Program.
By working with the SBA and various health and fitness club owners, IHRSA successfully advocated for program adjustments to allow more fitness business owners to gain relief during these difficult times.
To raise awareness of all the recent changes and what they mean for potential applicants, IHRSA joined forces with the SBA to host a webinar and clear up any confusion. You can watch the full webinar on-demand, but we wanted to share four questions the SBA representative answered from fitness professionals in attendance.
Are health clubs, gyms, or studios that opened in 2021 eligible for a COVID EIDL?
What are the EIDL affiliation requirements?
Will the EIDL changes retroactively apply to loans businesses received last year?
When should gyms apply for EIDL, and is there a timeline?
The below answered are taken directly from the webinar but have been lightly edited for clarity.
Are health clubs, gyms, or studios that opened in 2021 eligible for a COVID EIDL?
Unfortunately, no. Having your business in operation by January 2020 is a set eligibility requirement.