Several full-time NTT IndyCar Series teams have been approved for a total loan amount of $ 10 million under the Paycheck Protection Program, according to data released Monday.
The US Small Business Administration has published a list of PPP loan data on the US Department of the Treasury website. The paycheck protection program was included in the CARES (Coronavirus Aid Relief and Economic Security) law, established to help businesses overcome the financial stress of the novel coronavirus (COVID-19) pandemic.
The data included the range of the loan, the number of jobs retained and the date of loan approval.
The roster included virtually every full-time IndyCar team in the series except Team Penske and Chip Ganassi Racing.
With the NASCAR, IndyCar and IMSA teams, the size of Penske’s payroll could have precluded eligibility for a PPP loan (open to small businesses with less than 500 employees). Ganassi’s NASCAR team in Concord, NC has been listed as having been approved for $ 2-5 million.
IndyCar teams that were on the SBA site web roster:
|Andretti Autosport||$ 2 to $ 5 million||138||April 10|
|Arrow McLaren SP Motorsports||$ 1 to $ 2 million||58||April 13|
|Pug||$ 350,000 to $ 1 million||23||April 30|
|Ed Carpenter Racing||$ 350,000 to $ 1 million||n / A||April 9|
|Dale Coyne Racing||$ 350,000 to $ 1 million||20||April 15|
|AJ Foyt Enterprises||$ 350,000 to $ 1 million||34||April 28|
|Meyer Shank Racing||$ 150,000 – $ 350,000||20||April 15|
|Rahal Letterman Lanigan Racing||$ 350,000 to $ 1 million||56||April 16|
The list includes teams, circuits and organizations from all motor races.
Wayne Taylor Racing and Core Autosports are among the IMSA teams that have been approved for PPP loans, and several NASCAR teams and racetracks have also made the list.
The Sports Business Daily reported that Richard Childress Racing has been approved for a loan of $ 5-10 million.
In a report Accompanying the data, the SBA said the data pertained to companies that were approved for PPP loans but “does not reflect a determination by the SBA that the borrower is eligible for a PPP loan or is entitled to a discount. ready. All PPP loans are subject to ASB review, and all loans over $ 2 million will be automatically reviewed. ”