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 periodically —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.
For the resources on government assistance and financial support, we are currently able to provide information specific to the U.S. We understand that we have members in many countries around the world, and we hope that the other resources on this site will be useful to you. You may also exchange regional or country-specific information through YA CommUnity.
Governmental Assistance (U.S.)
In late December in the US, Congress passed a new COVID-19 relief package that extends enhanced unemployment insurance compensation, renews the Paycheck Protection Program (PPP), and provides an additional economic impact payment for individuals, among other provisions. The bill was signed by the President on December 27. Here is some helpful, updated information about key measures.
The new COVID-19 relief package extended unemployment insurance benefits previously made available under the CARES Act. The extended programs include Pandemic Unemployment Assistance, which provides unemployment insurance benefits to individuals who are traditionally ineligible for employment benefits, and Pandemic Emergency Unemployment Compensation, which provides additional weeks of unemployment benefits to those eligible for regular benefits whose benefits are exhausted. The relief package further provides an additional $300 per week for those receiving benefits.
The administration of unemployment benefits is handled at the state level, and how each state administers its unemployment program varies. Individuals seeking assistance should contact their state unemployment agency with specific questions on their eligibility, application, and timing. You can find a list of state agencies at the bottom of the Department of Labor’s unemployment insurance web page: https://www.dol.gov/general/topic/unemployment-insurance
The COVID-19 relief package also renews the PPP, a federal loan program for small businesses that provides forgivable loans to help small businesses keep workers on payroll. The PPP had previously closed in August but will now reopen with additional funds. Eligibility has also been expanded to allow businesses that have already received a PPP loan to borrow a second time, subject to certain criteria.
The PPP is administered by the U.S. Small Business Administration (SBA) which will issue new rules this week to implement changes to the PPP. To receive funds, borrowers apply directly to participating lenders. Like the last rounds of funding, the money is expected to go quickly. Eligibility requirements for first-time borrowers should not change, and applicants can begin preparing their applications using the template on the SBA website. Further, while we await further rules and guidelines from the SBA, businesses may consider contacting lenders that are part of the program for application details.
Finally, the new COVID-19 relief package provides a direct payment of $600 for individuals (and $1,200 for married and joint filers) with an adjusted gross income up to $75,000 (and $150,000 for joint filers).
For further reference on the COVID-19 package, our partners at Pillsbury Winthrop Shaw Pittman, LLP have issued a legislative overview: https://www.pillsburylaw.com/en/news-and-insights/900-billion-stimulus.html
Below is information on other sources for funding.
- 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)
- Movemeant Foundation COVID-19 Relief Grants – Grants for fitness and wellness instructors based in the United States who are implementing new resources for their new digital business ideas.
- Candid. – a list coronavirus relief funds to serve nonprofits.
Recommended Articles and Resources for Members in the United States
Below are curated articles that link to financial information and resources that might also be of value during this time.
- Homeowners Insurance and COVID-19: Relief Options and Considerations for Our New Reality – November 12, 2020 – Get a full understanding of the effect the pandemic may have on homeowner’s insurance, how insurance companies are responding, and what a policyholder can do during this time to save money.
- Your Money: A Hub for Help During the Coronavirus Crisis – November 5, 2020, New York Times – the latest information about government benefits, free services and financial strategies to get you through the pandemic crisis.
- FINIMPACT – 88 Small Business Grants for 2020 (Best & Active Grants Only!) – Updated on October 21, 2020.
- Where to Find Financial Relief During Coronavirus (COVID-19) – May 12, 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.
- What To Know About Your Taxes If You’re Getting Coronavirus Relief From Unemployment –May 11, 2020 – published guidance regarding taxes and coronavirus assistance from USA Today.
- Your Money and Coronavirus: A Financial Protection Guide – updated April 24, 2020, Forbes.com – learn from the experts at Forbes.com 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,– learn from restauranteurs about how to start a conversation about what you can and can’t do for your lease.
- Financial Assistance for Those Impacted by COVID 19 – Debt.org shares advice for financial help during COVID 19.
- Benefits.gov offers a directory of services for U.S governmental benefits.
- National Foundation for Credit Counselling created a toolkit for COVID-19 Emergency Financial Help.
Recommended Digital Events for Members in the United States
- Yoga Alliance Facebook Live |Q & A with Alliant Insurance Representative regarding Yoga Alliance Professional Liability Policy – June 17, 2020.
- Yoga Business Help Desk: COVID 19 Response Part 1 and Part 2 – April 2020. Join Ava Taylor and special guests to learn about how to manage your leases and landlords, and insight on how to lead in a crisis, and what the “new normal” truly means.
- Professional Services Help Desk: COVID-19 Response Part 1 and Part 2 – April 2020. What’s happening now and what’s happening next— Join Ava Taylor and guests for this workshop dedicated to you and your business’ priority needs in this fast-changing and unprecedented marketplace.
- CARES Act Series, Part 3: New Projections and Responsibilities Related to Paid Leave – April 13, 2020. Outlines new paid leave guarantees for workers affected by the pandemic and new employer obligations to provide employees with paid leave, as well as tax credits available to employers to offset the costs of providing leave.
- Insurance and Risk Management Considerations in the COVID-19 World – April 10, 2020. Alliant Insurance addresses many of the questions Yoga Alliance members have regarding their Yoga Alliance Professional Liability policy and extension of coverage.
- CARES Act Series, Part 2: Benefits for Individuals – April 9, 2020. Outlines relief measures for all Americans, including a tax rebate, expanded unemployment insurance, student debt relief, and protections for renters, among other topics
- CARES Act Series, Part 1: Act Loans, Tax Incentives, and Other Potential Sources of Funds for Yoga Businesses – April 7, 2020. Outline the CARES Act relief measures for small businesses, including federal loan programs and tax incentives designed to help keep businesses going during these difficult times.