You know from your training experience that going alone can be tough. And even now, you don’t have to.

Please be assured that while the PPP program did run out of funds this past week, we are working to make sure all of our borrowers are first in line when the program is expected to re-launch early next week.

Start My Application  

ClubReady now offers quick access to Paycheck Protection Program (PPP) loans. ClubReady’s parent company, Clubessential Holdings, has partnered with Cross River Bank to underwrite loans for our studio customers. With the Cross River Bank automated application and underwriting processes powered by Kabbage, your money could be directly deposited to your account quickly!



It’s Not 3-Minute Abs, but We’ve Streamlined the Process.

Follow These Three Simple Steps

Step 1: Apply for an SBA PPP Loan through Cross River Bank once funds are reallocated

Please be assured that while the PPP program did run out of funds recently, once funding is reallocated, our relationship with Cross River Bank will allow for funds to be deposited to your account quickly.


Step 2: Educate Yourself on Payment Relief for Existing SBA Loans.
Existing Small Business Administration Loans may be eligible for six months of relief, whereas the United States Treasury will pay the full principal and interest to the banking institution directly on your behalf. If applicable, contact the loan servicer for your SBA loan and request information related to this relief. Be sure to do this before your next scheduled payment!

Step 3: Watch this Webinar - New Paycheck Protection Program for Studio Owners
Watch a recording of a webinar introducing the ClubReady Paycheck Protection Program hosted by ClubReady president Darol Lain, and CEO of Clubessential Holdings and franchise owner, Randy Eckels. It provides an overview, answers to audience questions, and links to resources. 


Quick Answers to Common Questions

1. What if I’ve already applied for a loan?

Even if you’ve submitted an application at another bank, if the loan hasn’t been underwritten, you can take advantage of this program. 

2. How is this different from a PPP loan through my local bank?

Cross River Bank offers a fully integrated online application, underwriting approval and funding process that is 100% electronically enabled. In other words, it’s fast. They can expedite the fund flow from the bank to the franchisee compared to your local community bank, with a better chance of getting approved before the funds are depleted.

3. When does my application need to be completed?

The sooner the better. Although the program is open until June 30, 2020, the U.S. Treasury is encouraging you to apply as quickly as possible due to the funding cap and to allow lenders time to process your loan. You will need to complete the Paycheck Protection Program loan application and submit the application with the required documentation to an approved lender that is available to process your application before that date.

4. Are loan terms the same for everybody?

Not everyone will have the same loan, but here are the terms in a nutshell:

  • The loan amounts will be forgiven as long as: the loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8-week period after the loan is made; and employee and compensation levels are maintained.
  • Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
  • Loan payments will be deferred for 6 months.
5. What can I use PPP loan funds for?

The primary purpose of PPP loans is to help businesses retain their existing staff. Businesses who use the funds to do this may be eligible for a 100% forgiveness incentive.

The funds can be used for expenses such as:

  • Payroll costs, including benefits
  • Interest on mortgage obligations, incurred before February 15, 2020
  • Rent, under lease agreements in force before February 15, 2020
  • Utilities, for which service began before February 15, 2020.

For a complete list, please go here.

6. What do I need to have before I begin my application?

Before beginning your online application we suggest you collect the following information that will be requested during the application process:

About Your Business Owners

  • Legal Name, Structure, TIN/EIN, Contact Information
  • Franchise Number (if applicable) found here
  • Number of Employees
  • Owners names, percentage ownership, TIN/SSN addresses
  • List and relationship with any other businesses owned or managed by any owner/applicant)

About Your Loan

  • How you plan to use the funds (e.g., rent, payroll, utilities, etc)
  • Status of any current or past federal/SBA loans
  • Financial history (e.g., bankruptcy)

About Your Payroll (for calculation of eligible Monthly Average Payroll)

  • Number of full-time equivalent employees on the payroll
  • Dollar amounts of payroll costs (By Month for 2019 and Jan/Feb 2020)
  • Any Severance payments
  • Employer paid benefits – health, 401k
  • Employer paid state and local taxes (e.g., state unemployment tax)
  • Employer portion of federal payroll taxes
  • Qualified sick or family leave pay under the Families First Coronavirus Response Act
  • Individual employee(s) in excess of an annual salary of $100,000
    • Identify anyone whose principal residence is outside the US

About Your Expenses – for the 8 Week period following the loan

  • Mortgage interest payments
  • Rent Payments
  • Utilities
7. What happens once my application is submitted?

Once your application is submitted it will flow into a queue. If anything is missing from your application you will be notified. You can expect funding directly into your account within a few days.

Additional Resources

Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.

Access Coronavirus (COVID-19): Small Business Guidance & Loan Resources here

Access Coronavirus (COVID-19): Funding Relief Options here

Access SBA Franchise Directory here

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