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NASCAR, IndyCar Teams Approved for PPP Loans

A number of teams in both NASCAR and IndyCar were approved for Paycheck Protection Program loans amid the coronavirus pandemic, ESPN reported Tuesday (July 7).

The two motorsports were among “hundreds of thousands” of recipients of the program.

According to the data, the majority of teams within NASCAR and IndyCar were granted considerable payouts, which were developed to aid smaller businesses in coping with the pandemic’s impact.

Specific recipients in the stock-car and open-wheel series weren’t named, nor were those who accepted the loans. However, Roush Fenway Racing, Richard Childress Racing, Kyle Busch Motorsports and Richard Petty Motorsports were among those listed as being approved.

Additionally, Jimmie Johnson Racing and Jeff Gordon Inc. were cleared.

As for IndyCar, almost every full-time team was approved, with the exception of Team Penske. According to the report, it was likely too large to qualify, running teams across NASCAR and IndyCar.

Tracks also received loans, including Pocono Raceway, whose loan ranges between $350,000 and $1 million.

With the program, $659 billion was created in low-interest loans by Congress, all of which will be forgiven if the money is used on payroll, rent and more. The deadline to apply was June 30, and with $130 billion unclaimed, Congress slid back the deadline to Aug. 8.

About the author

Adam Cheek joined Frontstretch as a contributing writer in January 2019. A 2020 graduate of VCU, he covered sports there and later spent a year and a half as a sports host on 910 the Fan in Richmond, VA. He's freelanced for Richmond Magazine and the Richmond Times-Dispatch, and also hosts the "Adam Cheek's Sports Week" podcast. Adam has followed racing since the age of three, inheriting the passion from his grandfather, who raced in amateur events up and down the East Coast in the 1950s.

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timinpayson

Good for them