At Yoga Alliance, we are committed to updating you and connecting with you through the global coronavirus pandemic. This health emergency has understandably caused concern and anxiety amongst our communities around the world. While we cannot eliminate all threats, we can take preventative steps to minimize risk.
We have compiled the below information—which we are updating regularly—to provide you information from a variety of sources on what financial resources exist as you face these known and unknown challenges surrounding your profession as a yoga school or studio owner and/or as a yoga trainer or teacher.
Governmental Assistance (U.S.)
For our members in the United States, the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act legislation was recently signed into law. To make the CARES Act and other recent emergency legislation and initiatives more manageable for yoga professionals—school and studio owners, teachers, and other employees—we created briefs that explain their important provisions, as well as created an overview of the Family First Coronavirus Response Act (FFCRA), a new federal law enacted in mid-March, which establishes paid leave guarantees for certain workers.
Please click on the links before to access each guide.
In addition, the Independent Sector released an article, CARES Act: How to Apply for Nonprofit Relief Funds (March 30, 2020), that might be of interest for any school or studio set up as a not-for-profit in the United States.
Other links that might be of assistance to our members in the United States include:
- U.S. Department of Labor’s Coronavirus Resources;
- The Small Business Association’s Coronavirus (COVID-19): Small Business Guidance & Loan Resources; and
- The IRS’s Coronavirus Tax Relief.
- Perkins Coie’s Government Financing Options for Companies Impacted by COVID-19 page provides a high-level summary of the CARES Act Paycheck Protection Program (PPP Loans) and Economic Injury Disaster Loans (EIDLS).
- This SBA CARES VS. COVID-19 EIDL Matrix offers a side by side comparison of the two options.
- [take action] before the money runs out – This article offers advice specific to small business, independent contractors, and sole proprietors seeking governmental assistance.
Templates: Asking Creditors for Relief
Please find links to various sample templates offered by Yoga Alliance to its members and the broader yoga community.
- Sample Landlord letter—ask for relief from your landlord on monthly rent payments
- Sample Partial Payment letter—ask for the ability to make partial rent payments
- Sample Settlement Offer letter—ask for payment for a full and final settlement
- Sample Write-Off Debt letter—ask for a writing off on outstanding balances
Below is information on other sources for funding and other information related to your profession as a yoga school or teacher.
- Coronavirus and COVID-19 Funds–a comprehensive list of vetted COVID-19 relief funds by Giving Compass and the National Center for Family Philanthropy (NCFP)
- Small Business Relief Fund—a fund aimed to raise support for small businesses impacted by the COVID-19 crisis, especially those run by women, people of color, and immigrants
- External Resources for Responding to COVID-19—a curated list of resources on operations, staff well-being, and helping vulnerable communities, amongst others
Below are curated articles that link to information that might also be of value during this time.
- Where to Find Financial Relief During Coronavirus (COVID-19) – March 30, 2020, The Simple Dollar – learn what the major financial institutions are offering with respect to COVID-19 relief as well as links to free financial planning resources, information on relief that Internet companies are providing, and more
- Your Money and Coronavirus: A Financial Protection Guide – March 22, 2020, Forbes.com – learn from this updated page by the experts at Forbes.com with the latest information and advice on everything from stimulus checks to tax, student loan, mortgage, and small business relief—to the smartest ways to spend now, to protecting your retirement, and to helping others
- Until the Government Orders a Rent Freeze, Here’s How Restaurant Owners Should Talk to Landlords About COVID-19—March 24, 2020, Eater.com–learn from restauranteurs about how to start a conversation about what you can and can’t do for your lease