It’s no secret that businesses, both small and large, have suffered from the coronavirus pandemic. The fitness industry, in particular, took a huge loss but didn’t get as much attention. That is until now.
The following information comes from Club Industry.
The Health & Fitness Recovery Act of 2020 was announced on Thursday, October 1st. According to the IHRSA (International Health, Racquet & Sportsclub Association), the fitness industry lost $13.9 billion in revenue from March through September. This act will establish a $30 billion recovery fund to help gyms and fitness clubs affected by the pandemic.
If passed, the $30 billion will be distributed in the form of grants used to help with payroll costs, principal/interest on mortgages, rent, utilities, maintenance, supplies, and debt obligations.
U.S. Rep. Brian Fitzpatrick stated the following:
“Unlike many other businesses affected by the COVID-19 pandemic, health and fitness clubs could not pivot to new revenue streams and many in the industry failed to qualify for assistance in the first CARES Act.”
“The men and women who work in the fitness industry need and deserve our help.”
To check out the full article, click here. If you have any additional information, feel free to comment below.
Until Next Time…