ARTICLE
On February 5, 2021, U.S. Reps. Mike Quigley (D-IL) and Brian Fitzpatrick (R-PA) filed the Gym Mitigation and Survival Act (GYMS Act) (H.R.890) in response to the COVID-19 pandemic disproportionately impacting health and fitness facilities around the country. Most of Congress's previous economic relief packages have either left out or not really helped the fitness industry.
If passed, the GYMS Act will create a $30 billion fund to provide grants to affected businesses in the health and fitness industry. Read the GYMS Act language here!
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Initial grant amounts are capped at 45% of the facility’s 2019 revenue, or $20 million, whichever is less. Severely impacted health and fitness businesses, with revenues of only 33% or less in the most recent quarter as compared to 2019, are eligible for a supplemental grant, of up to 25% of their initial grant. The aggregate amount of grants to an eligible businesses and its affiliates is $25 million.
Eligible expenses which the grant will cover include but are not limited to:
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Download a sample letter here.