Sports jumps on PPP bandwagon, but big leagues take a pass

Rapper Ice Cube, Republican Ohio Gov. Mike DeWine and longtime boxing promoter Bob Arum led a cavalcade of sports leagues, federations, businesses and teams that navigated a federal loan program designed to help small firms cope with the economic impact of the coronavirus pandemic.

Data released Monday showed hundreds of thousands of Paycheck Protection Program recipients across a wide range of industries, and sports-related businesses were well represented. However, none of the four major North American sports leagues — the NFL, NBA, NHL and Major League Baseball — were among the businesses that applied, according to the data.

Big 3 Basketball LLC, a Los Angeles-based 3-on-3 basketball league co-founded by Ice Cube, received $1.6 million and returned $700,000, Jeremy Watkins, a spokesman for the company, told The Associated Press. The remaining $600,000 was used to pay coaches and players for this season and ensure the league could play its 2021 season, Watkins said.

At least four Major League Soccer teams tapped the PPP program, according to the data: D.C. United and Inter Miami were approved for loans in the $1 million to $2 million range, while Orlando City and the Seattle Sounders each applied for between $2 million and $5 million.

Because the federal government released loan amounts in ranges, it wasn’t possible to tell exact amounts. The data showed businesses that applied for and received loans, though some may not ultimately have taken the funds.

The National Women’s Soccer League, which made headlines last weekend after a majority of players in the Challenge Cup tournament took a knee during the national anthem, applied for and received between $1 million and $2 million and reported that the money was used to support 213 employees.

An AP survey completed in May found 32 U.S. Olympic sports...

source https://www.chron.com/sports/article/Sports-jumps-on-PPP-bandwagon-but-big-leagues-15390118.php