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

The Paycheck Protection Program has approved a total of $ 10 million in loans for several full-time NTT IndyCar Series teams, according to data released Monday.

There is a list of PPP loan data published by the US Small Business Administration on the Treasury Department’s website. The CARES (Coronavirus Aid Relief and Economic Security) statute contained a pay protection program to help businesses deal with the financial strain of the novel coronavirus (COVID-19) epidemic..

The range of the loan, the number of jobs saved, and the date the loan was approved were all included in the data.

Except for Team Penske and Chip Ganassi Racing, practically every full-time IndyCar team in the series was represented on the site web roster.

With NASCAR, IndyCar, and IMSA teams, Penske’s payroll may have prevented him from receiving a PPP loan (open to small businesses with less than 500 employees). The Concord, NC NASCAR team of Ganassi has been approved for between $ 2 and 5 million.

On the SBA website’s roster of IndyCar teams:

Loan range jobs have been approved for the team.

Sporting Goods Group Andretti Amounts ranging from $2 to $5 million 138

Motorsports company Arrow McLaren SP $ 1 to $ 2 million on the 13th of April

Pug between $ 350,000 and $1 million. On the 23rd of April,

April 9 n/a: Ed Carpenter Racing $ 350,000 to $ 1 million

$500,000 to $1 million for Dale Coyne Racing on April 15

In the range of $500,000 to $1 million, AJ Foyt Enterprises April 28th

Motorsports Meyer Shank Racing $150,000 – $ 350,000

$ 350,000 to $1 million 56 April Rahal Letterman Lanigan Racing

Teams, circuits and racing organizations from around the world are included.

Core Autosports, Wayne Taylor Racing, and a few NASCAR teams and racetracks are among the IMSA teams that have received PPP loans, as well.

SBD reports that Richard Childress Racing was granted a loan of between $ 5 and $10 million.

Companies that were approved for PPP loans, but “doesn’t reflect a conclusion by the SBA that a PPP loan or discount is warranted,” according to an accompanying SBA report, were the subject of the data. ready. Loans of more than $ 2 million will automatically be evaluated by the ASB.

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