SOURCE: International Health, Racquet & Sportsclub Association (IHRSA)
Fitness facilities could recoup as much as 45 percent of 2019 revenue to replace revenue lost in 2020 if bill is signed into law
WASHINGTON, D.C. -- February 10, 2021 -- The Community Gyms Coalition (CGC), representing more than 15,000 community gyms and fitness studios in the U.S., and the International Health, Racquet & Sportsclub Association (IHRSA) welcomed the introduction of the bipartisan GYMS Act (H.R. 890) by Congressmen Mike Quigley (D-IL) and Brian Fitzpatrick (R-PA).
“Congress must act quickly to save tens of thousands of community gyms and fitness studios that have been struggling to keep the doors open for almost a year now,” said Debra Strougo, co-founder of RowHouse. “The GYMS Act provides owners like myself with meaningful and specific relief that previous federal relief programs failed to address. Passing the GYMS Act will save thousands of small businesses from going bankrupt and help ensure the fitness industry survives the pandemic to continue making our communities healthier. If we want to keep Americans healthy and keep our economy moving, we need targeted relief now.”
The GYMS Act would establish a program to help distressed fitness facilities by allowing owners to apply for grants from the Small Business Administration (SBA), similar to other existing relief programs. The use of grant funds are available for payroll, rent, mortgage, utilities, insurance, and many other expenses fitness facilities normally incur.
By passing the GYMS Act, fitness facilities could recoup as much as 45 percent of 2019 revenue to replace revenue lost in 2020 due to COVID-19. For especially distressed fitness facilities, the GYMS Act also offers an opportunity for owners to apply for a supplemental grant in addition to the initial grant.
Community gyms and fitness studios have been among the industries hardest-hit by COVID-19, according to Yelp. New data shows that nearly two thirds of local gym owners believe that existing government programs have failed gyms and fitness studios because they did not meet their cost structures. The survey also found that fewer than 50 percent of gym and fitness studio owners do not expect their gym or fitness studio to survive 2021 without targeted relief from Congress.
Learn more about the Community Gyms Coalition here: https://gymscoalition.org/
Learn more about the International Health, Racquet & Sportsclub Association here: https://www.ihrsa.org/