IndyCar teams approved millions in federal loans for COVID-19 relief

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:

Team Loan range Jobs Approved
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. ”

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