Mayweather and Beckham's Inter Miami applied for Covid-19 relief loans
Ice Cube, Floyd Mayweather and David Beckham’s Inter Miami 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 on Monday showed hundreds of thousands of Paycheck Protection Program (PPP) recipients across a wide range of industries, and sports-related businesses were well represented. However, the NFL, NBA, NHL and Major League Baseball were not among the businesses that applied,
according to the data.
Under the PPP, Congress created $659bn in low-interest loans that will be forgiven if employers use the money on payroll, rent and similar expenses.
Big 3 Basketball LLC, a Los Angeles-based 3-on-3 basketball league co-founded by Ice Cube, received $1.6m and returned $700,000, Jeremy Watkins, a spokesman for the company, told the Associated Press. The money was used to pay coaches and players for this season and ensure the league could play its 2021 season, Watkins said.
At least four MLS teams tapped into the PPP program, according to the data: DC United and Inter Miami, which is in its first season, were approved for loans in the $1m to $2m range, while Orlando City and the Seattle Sounders each applied for between $2m and $5m.
Because the federal government released loan amounts in ranges, it isn’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 $1m and $2m and reported that the money was used to support 213 employees.
A bulk of both Nascar and IndyCar teams were approved for substantial loans. It is not clear which teams accepted the funds, but the list showed numerous teams that were approved for a loan. The loans went beyond race teams, too. Pocono Raceway in Pennsylvania was approved for a loan between $350,000 and $1m.
Three of boxing’s biggest promotion companies applied for between $350,000 and $1m to ease the pain of the sport’s extended layoff, according to the data. In addition to Bob Arum’s Top Rank company, Mayweather Promotions and Golden Boy Promotions, headed by former world champions Mayweather and Oscar De La Hoya, also were approved for loans.