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

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Several full-time NTT IndyCar Series teams were approved for as much as $10 million in total loans under the Paycheck Protection Program, according to data provided Monday.

The U.S. Small Business Administration posted a list of PPP loan data on the U.S. Department of the Treasury website. The Paycheck Protection Program was included in the Coronavirus Aid Relief and Economic Security (CARES) Act that was established to help businesses weathering 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 the loan approval.

The list included virtually all full-time IndyCar teams in the series aside from Team Penske and Chip Ganassi Racing.

With NASCAR, IndyCar and IMSA teams, Penske’s payroll size might have precluded eligibility for a PPP loan (which was open to small businesses with fewer than 500 employees). Ganassi’s NASCAR team in Concord, North Carolina, was listed as having been approved for $2-5 million.

IndyCar teams that were on the SBA’s list:

Team Loan range Jobs Approved
Andretti Autosport $2-5 million 138 April 10
Arrow McLaren SP Motorsports $1-2 million 58 April 13
Carlin $350,000-$1 million 23 April 30
Ed Carpenter Racing $350,000-$1 million n/a April 9
Dale Coyne Racing $350,000-$1 million 20 April 15
AJ Foyt Enterprises $350,000-$1 million 34 April 28
Meyer Shank Racing $150,000-$350,000 20 April 15
Rahal Letterman Lanigan Racing $350,000-$1 million 56 April 16

The list includes teams, tracks and organizations from across auto racing.

Wayne Taylor Racing and core Autosports are among IMSA teams that were approved for PPP loans, and several NASCAR teams and racetracks also made the list.

The Sports Business Daily reported that Richard Childress Racing was approved for a $5-10 million loan.

In a statement accompanying the data, the SBA said the data was for businesses that were approved for PPP loans but “does not reflect a determination by SBA that the borrower is eligible for a PPP loan or entitled to loan forgiveness. All PPP loans are subject to SBA review, and all loans over $2 million will automatically be reviewed.”