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.”

Sergio Perez still has coronavirus; will miss second consecutive F1 race

F1 Sergio Perez out
Laurent Charniaux/Pool via Getty Images
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SILVERSTONE, England — Sergio Perez will be out for a second F1 race at Silverstone this week after again testing positive for the coronavirus.

The Mexican driver had hoped to return to Formula One after spending seven days in quarantine, but his Racing Point team said this morning he had tested positive.

“He is physically well and recovering,” the team said. “The whole team wishes Sergio and his family well and we look forward to his return.”

That means German veteran Nico Hulkenberg again fills in for Sunday’s 70th Anniversary Grand Prix after having also replaced Sergio Perez when he was out for the F1 British Grand Prix at the same venue last week. Hulkenberg did not start that race because of an engine problem.

There are two consecutive weekends of racing at Silverstone as Formula One tries to pack in races following the pandemic-delayed start to the season.

Perez became the first Formula One driver to test positive for coronavirus, and it had been unclear whether he would be available to drive after the period of quarantine was extended to 10 days.

Racing Point also was in the news Friday after being hit with a 15-point penalty in the Formula One constructors’ championship and fined 400,000 euros ($470,000) Friday for using brake ducts based on those from last year’s Mercedes cars.

The stewards ruled that Mercedes was the “principal designer” of the parts, and that Racing Point made only minor changes to computer design data it received from Mercedes.

Rival team Renault filed protests about the legality of the brake ducts, which were added to the “listed parts” under F1 rules for 2020. That means teams must design their own. Racing Point argued it was merely using information about the Mercedes parts to inform its own design.

Racing Point uses customer engines from Mercedes and has admitted basing its 2020 car design on photographs of last year’s Mercedes car. The similarities led to the Racing Point being nicknamed the “pink Mercedes” when it was first seen in testing ahead of the season.

Racing Point can appeal the ruling. The points deduction drops the team from fifth to sixth in the standings, below Renault. The ruling doesn’t affect the points totals for Racing Point’s drivers.