In response to the Covid-19 pandemic of 2020, the U. S. Congress passed the Paycheck Protection Program (PPP) and President Donald Trump signed it into law. Relief loans to businesses and nonprofit organizations via banks could be used for payroll costs, interest on mortgages, rent, and utilities. The loans are forgivable if jobs are retained.
As of June 30, 2020, 5,461 lenders had provided $521.5 billion in loans to 4,885,388 million businesses and non-profits, accounting for 51,125,937 jobs retained.
Companies, partnerships, and non-profits in the American racing industry have been active participants in PPP. The program was used by a cross section of businesses, including, for example, racetracks, farms, horse transporters, veterinarians, and trainers, among others.
To illustrate, following is a small but representative sampling of racing-related businesses and a few non-profits that have received PPP loans of at least $150,000.
American Ruidoso Downs LLC, $1-2 million loan approved, 115 jobs retained
Bob Baffert Racing, $350 thousand-$1 million, 79 jobs
Blood-Horse LLC, $350 thousand-$1 million, 40 jobs
Bluegrass Thoroughbred Services, $150-350 thousand, 13 jobs
California Thoroughbred Horsemen’s Foundation Inc. $150-350 thousand, 19 jobs
Chad C. Brown, $1-2 million, 183 jobs
Claiborne Farm, $1-2 million, 87 jobs
Colebrook Racing Stable LLC, $150-350 thousand, 18 jobs
Del Mar Thoroughbred Club, $2-5 million, 322 jobs
Denali Stud, $350 thousand-$1 million, 60 jobs
Ellis Entertainment Company, $350 thousand-$1 million, 64 jobs
Emerald Downs Racing, $1-2 million, 207 jobs
Eurton Thoroughbred Racing, $150-350 thousand, 30 jobs
Fasig-Tipton Company, $1-2 million, 58 jobs.
Hill ‘N’ Dale Kentucky Inc., $350 thousand-$1 million, 63 jobs
Kentucky Derby Museum, $350 thousand-$1 million, 101 jobs
Kentucky Downs LLC, $1-2 million, 254 jobs
KRM Wagering LLC, $350 thousand-$1 million, 200 jobs
Machmer Hall Thoroughbreds LLC, $150-350 thousand, 20 jobs
Millennium Thoroughbreds LLC, $150-350 thousand, 24 jobs
Mott Thoroughbred Stables, $350 thousand-$1 million
National Museum of Racing, $150-350 thousand, 20 jobs
North Metro Harness Initiative, $350 thousand-$1 million, 21 jobs
Ocala Breeders Sales Company $1-2 million, 194 jobs
R. Brisset Thoroughbred Stable LLC, $150-350 thousand, 25 jobs
Ralph Nicks Thoroughbreds, $150-350 thousand, 26 jobs
Richard Mandella Inc., $150-350 thousand, no report on jobs retained
Rood, Riddle & Partners PSC, $2-5 million, 374 jobs
Rood & Riddle Veterinary Pharmacy LLC, $150-350 thousand, 20 jobs
Sallee Horse Vans, Inc. $1-2 million, 81 jobs
Stone Farm LLC, $150-350 thousand, 21 jobs
Tampa Bay Downs, $2-5 million, 461 jobs
The Lexington Trots Breeders Association, $350 thousand-$1 million, 99 jobs
The New York Racing Association, $5-10 million, 453 jobs
Thoroughbred Daily News LLC, $350 thousand-$1 million, 22 jobs
Thoroughbred Racing Protective Bureau Inc., $150-350 thousand, 11 jobs
Thoroughbred Retirement Foundation Inc., $150-350 thousand, 13 jobs
Todd A. Pletcher Racing Stables, $1-2 million, 139 jobs
The Jockey Club Information Systems, Inc., $350 thousand-$1 million, 28 jobs
Three Chimneys Farm, $350 thousand-$1 million, 60 jobs
Tommy Town Thoroughbreds LLC, $150-$350 thousand, no report on jobs retained
West Point Thoroughbreds, $150-350 thousand, 10 jobs
Winchell Thoroughbreds LLC, $150-350 thousand, no report on jobs retained
Of 4,885,388 PPP loans, 72.8% of them were over $150,000, 56.6% exceeded $350,000, 34.8% were over $1 million, and 6.5% exceeded $5 million. The New York Racing Association was the recipient of the largest loan going to an equine-type business.
(Click here for a searchable database of PPP loan recipients of at least $150,000.)
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