At least 20 businesses involved in U.S. sports car racing have received federal loans under the Paycheck Protection Program (PPP), adding up to a potential of more than $25 million, according to data released by the U.S. Small Business Administration.
The list of 4.9 million loans, totaling more than $521 billion, was disclosed by the SBA on Monday on the U.S. Department of Treasury website.
Among the teams that have received relief as part of the Coronavirus Aid Relief and Economic Security (CARES) act include IMSA squads CORE autosport, Wayne Taylor Racing, Meyer Shank Racing and Rahal Letterman Lanigan Racing, along with suppliers such as Dallara, Ligier Automotive North America and McLaren Applied Technologies.
Sportscar365 understands that IMSA, which appears to have not applied for relief itself, had encouraged its stakeholders to pursue PPP loans, which have been aimed to keep full-time workers employed amid the coronavirus pandemic.
Several SRO America teams, including Flying Lizard Motorsports, GMG Racing and Blackdog Speed Shop, have also received loans.
According to an accompanying document, the PPP loan data is not indicative of loan forgiveness or program compliance, with all loans over $2 million to be automatically reviewed.
Businesses can receive loan forgiveness if it can document at least 75 percent of the loan went to payroll costs during an eight-week period.
Topping the list out of sports car racing-related companies is Pratt & Miller Engineering, operators of the factory Corvette program, which holds a number of contracts in the U.S. defense department in addition to its motorsports activities.
The SBA has disclosed only the range of each loan, as well as the number of jobs each loan helps retain.
Among the businesses listed in the document include:
Pratt & Miller Engineering & Fabrication, Inc. ($5-10 million); 325 jobs
Andretti Autosport Holding Company, Inc ($2-5 million); 138 jobs
Rahal Letterman Lanigan Racing, LLC ($350,000-$1 million); 56 jobs
Hi Rev Racing, LLC ($350,000- $1 million); 49 jobs
CORE Autosports, LLC ($350,000-$1 million); 29 jobs
Riley Technologies, Inc ($350,000- $1 million); 26 jobs
Motul USA, Inc ($350,000-$1 million); 30 jobs
Jackson Motorsports Group, Inc ($350,000-$1 million); 63 jobs
Katech Engineering, Inc ($350,000-$1 million)
Wayne Taylor Racing, LLC ($150,000-$350,000); 20 jobs
Meyer Shank Racing, Inc ($150,000-$350,000); 20 jobs
Blackdog Speed Shop, Inc ($150,000-$350,000); 19 jobs
Global Motorsports Group, LLC ($150,000-$350,000); 14 jobs
Flying Lizard Motorsports, LLC ($150,000-$350,000); 5 jobs
BimmerWorld, Inc ($150,000-$350,000); 35 jobs
Krohn Racing, LLC ($150,000-$350,000); 7 jobs
Ligier Automotive North America Co ($150,000-$300,000); 19 jobs
Carl A. Haas Automobile Imports, Inc ($150-$350,000)
McLaren Applied Incorporated ($150,000-$350,000); 8 jobs
Motec USA, Inc ($150,000-$350,000); 21 jobs