Coronavirus Response: April 7

A black and red graphic image of the coronavirus with the words "daily brief."

Daily Update

 
Everyone is watching you—your members, your staff, your family and even other gym owners. Now is the time to lead—but what does that mean? What specific actions should you take? What should you say? Read about an actionable strategy—the CALM method—here.
 

Today’s Tactic

 
If you’re in the U.S., file for your Economic Injury Disaster Loan (EIDL) or Paycheck Protection Program (PPP) package today. Which should you choose? How do you do it? Use our resources below to cut through the noise and take action.
Some highlights from yesterday’s webinar with Two-Brain CFO Veronica Cram:
PPP

– Apply through your branch. Local banks and credit unions seem to take action faster.

– It’s OK to apply through multiple places.

– Group part-time staff together to create full-time equivalent roles.

– Your 1099 workers can file for the PPP on their own as independent contractors starting April 10. If you try to include their 1099 pay in your application, you could be double dipping.

EIDL

– Choose the EIDL route only if there will be long-term losses.

– Apply through the SBA.

– No personal guarantee.

– You no longer have to prove that you can’t receive funding elsewhere.

 

News

 
U.K. Prime Minister Boris Johnson has been moved to intensive care as his COVID symptoms worsen: BBC.com.
 

Key Resources

 
An amazing side-by-side comparison of the PPP and EIDL options: Click here.
The PPP Borrower Application Form: Click here.
An incredibly valuable PPP loan workbook: Click here.
Emergency Loans Small Business Guide: Click here.
 
The Two-Brain Business COVID resources page has been updated with new info on the CERB (Canada) and PPP (U.S.) programs.

Click here to visit and bookmark the page.

 

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