Let’s be honest—life is a little stressful lately. People are being laid off, hours are being cut and paychecks are decreasing. It is a challenging time for all of us. Small businesses may feel the impacts of the pandemic in a way that feels permanent. They may feel as though their lifeline is gone and their passion for work has been scrubbed away by the harsh reality of our economic crisis. We get it; we see and feel your pain.
Unprecedented events call for unprecedented financial stimulus. With the current COVID-19 pandemic, times are hard for so many. Small business owners may face some of the hardest times in their lives during these next few weeks or even months.
There are people out there that are suffering due to the financial and economic stress and loss. However, we want to spread the word about the several resources that are available to small business owners during this time, including the U.S. Government's $50 billion stimulus package that was created specifically for small businesses. Here are some facts that we think will be of interest to you.
COVID-19 Relief Facts That Can Help You
- President Trump announced $50B in relief via the SBA program. Applying for a disaster loan has never been easier during such chaotic and uncertain times. Apply online, check your application status or simply see if you qualify by visiting the SBA.Gov website.
- SBA.gov released a press release that carefully outlines the program for those who are interested. Click here to learn more.
- This relief program is currently being lined up for borrowers and will be delivered & serviced by the SBA so no intermediaries will be involved.
- As time unfolds, each of the 50 states are expected to come up with its own program to aid those who are in need. For example, Florida Governor Ron DeSantis has activated an Emergency Bridge Loan Program up to $50,000 for one-year terms for qualified Florida small businesses with 2 to 100 employees.
If you would like alternative options to the SBA Program, we encourage you to seek out other funding options that will allow you to operate a business post-COVID-19 pandemic. We know that reliable facts can be challenging to find during chaotic times, so we have taken the liberty to collect information that we think will be of value to you in order to achieve your career goals. Please see the following points from the SBA website.
- SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to submit the request for Economic Injury Disaster Loan assistance.
- Once a declaration is made, the information on the application process for Economic Injury Disaster Loan assistance will be made available to affected small businesses within the state.
- SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
- These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
- SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
In addition, there is the brand-new Families First aid package, which will ensure that there are resources available to families across the board. These resources include free testing for COVID-19, paid sick leave and unemployment aid for those who qualify. This comprehensive aid package ensures that people stay as financially, physically and mentally healthy as possible during this challenging time.
Community is so important, now more than ever. It’s hard to find the sense of community that you may have once felt, which is incredibly hard. We understand and we get it. The F45 Training family is here for you during these challenging, chaotic and uncertain times. It is our goal to work with individuals who are impacted by this COVID-19 pandemic to ensure that they can still pursue their life goals of potentially becoming an F45 franchise owner.
If you would like to explore opportunities to open your own F45 studio using funds you may receive from this SBA program, please reach out to us. We would love to discuss how we can give you the potential financial freedom and happiness you deserve.
DISCLAIMER: This content is for information purposes only. F45 Training Incorporated, its subsidiaries, parents and affiliates (together “F45 Training”) believes the information provided here is accurate and reliable, but, in some instances may represent opinion or judgment. F45 Training does not guarantee that you will be approved for any loan and is not involved in your loan application process. F45 Training shall not be liable or responsible to any person or entity for any loss of damage caused, or alleged to have been caused, directly or indirectly, by or from the information or ideas contained, suggested or referenced in this email.