Paycheck Protection Program Loans and Drag Racing (1 Viewer)

[Frank]

I was looking through the list of companies who took out PPP loans during the shutdown. For those that don't know, the PPP is part of the 1.2Trillion dollar stimulus program that Congress and the President put in play back in April. Here is the link with more info... https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program. The list I was looking at was for loans between $150,000 and $10Million. They don't specify the exact amount the company took, just a range. The link to the list is here... https://home.treasury.gov/news/press-releases/sm1052 With John Force rumored to be sitting out at least the first race and possibly more, I was curious if JFR took any of the government bailout funds, and if so, how much. I couldn't find anything in the list. I searched for John Force, Force Racing, JFR, JF Racing, etc., and nothing came up. So it appears JFR didn't take any loans, well, at least not over $150k. I did however, see some recognizable names when I searched for other keywords like "racing" or "motorsports". Here are some of the loans that came up:
Doug Kalitta Holdings $5M-$10
Don Schumacher Racing $1M-$2M
Don Schumacher Motorsports $350k-$1M
Bandimere Speedway $350k -$1M
Torrence Racing LLC $150k-$350k
Coughlin Brothers Racing LLC $150k-$350k
KB Racing LLC $150k-$350k

There are 181 different names when you search for "racing". 243 when you search for "motorsports". 54 when you search for "motor sports". Other names I saw, Schmidt, Reher-Morrison, Shafiroff, Sonny's, Kyle Busch, Jimmie Johnson,Rahal, Roush and Yates, Chip Ganassi. Also saw Todd Pletcher and Bob Baffert two of the top horse racing trainers. Tried looking for Bill Bader and Summit and Norwalk, but there was too much stuff to sift through. Anyway, I found it interesting as I was looking through it, so I thought I would share.

 

[Mike]

I believe that if you took money on this program you had to open and bring a percentage of your employees back to work.

 

[Dennis]

That's correct, the basis of this "loan" was to not lay off employees.

I'm wondering how many companies thought that their names would become public information. Especially given that certain "conservative" and other groups vocal of government spending also ended up sucking on the teat.

 

[mgty3whlr]

The other twist to this loan is, YOU CANNOT buy equipment. if they catch you doing that, The interest rate goes up.

 

[Jimbo]

The other twist to this loan is, YOU CANNOT buy equipment. if they catch you doing that, The interest rate goes up.

Tom Brady one of the best quarterbacks ever received PPP money.

Jim Hill