SFIA Supports Effort to Help Fitness Industry
Health clubs, fitness studios and gyms were hit hard by the COVID restrictions on capacity and state rules on ‘safe’ activities. With nearly 3 million jobs lost in U.S. health clubs, many gyms and studios were forced to seek small business assistance (if they even qualified), file for bankruptcy (as was the case for 24 Hour Fitness and Gold’s) or shutter completely. SFIA joined our partners in the fitness industry in a letter to Congress requesting passage of the Gyms Mitigation and Survival (GYMS) Act to provide $30 billion in grants for distressed fitness facilities to aid the recovery of the fitness industry.
“Lifelong health is vital to America’s future.” said Bill Sells, Senior Vice President, Government Relations and Public Affairs of SFIA, “The U.S. needs the active lifestyle infrastructure in place to support children, adults and seniors to ensure they receive the physical and mental health benefits from physical activity. Health clubs and fitness studios are crucial piece of a healthy lifestyle infrastructure.”
Similar to the Paycheck Protection Program (PPP), the GYMS Act grant program would be administered by the Small Business Administration (SBA). Grants would be capped at $25 million and must be used on payroll, mortgage/rent and other ordinary and necessary business expenses. Fitness centers that are part of clubs offering golf, hunting, riding or sailing are not eligible. The GYMS Act bills are currently pending before the House (H.R. 890) and Senate (S.1613).
Paycheck Protection Program https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program
