ERC Gains for Fitness Industry Businesses

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The Employee Retention Credit (ERC) can mean tens of thousands of dollars in the form of a refund check for your company. As a gym or fitness business owner, you are likely eligible to receive thousands of dollars back from the IRS.   

We’ll go through all the ins and outs and why you may not have heard about Employee Retention Credit (ERC) yet, and why your gym probably qualifies even if you are not aware of it.   

Let's get into it.  

If your business meets ANY of the following, you qualify for ERC:  

• Your business must have been affected by Covid-related shut downs, restrictions or other setbacks. This includes: city, county, or state regulations, where you had to reduce capacity, cut hours, or shut down in 2020 or 2021. 
• Your business must have less than 500 full time 500 employees. 
• You must have at least one employee other than yourself. 
• Your revenue dropped 20% from 2019 to any Q in 2020 and/or 2021. 
• For a given quarter in 2020 or 2021, you made 50% less revenue than you did for the same period in 2019.   

If your gym had to switch to virtual training or 1:1 personal training, you qualify for ERC. 

If you run group fitness classes and were forced to limit capacity to maintain social distance guidelines at any point in 2020 or 2021, you qualify for the ERC.  

Contact MTRSNow for a free, no strings attached ERC estimate consultation.   

Want to ensure your fitness-centered business is proofed for whatever economic or global hit comes next? Get in touch with our specialized tax experts at MTRS today! MTRS is a specialized firm that offers tax credits and refund checks to businesses that may not be aware of these resources.