USA Swimming received between $1 and $2 million as part of the Paycheck Protection Program (PPP), according to information released by the US Small Business Administration this week. Previous reports read that USA Swimming received $1.6 million.
Release of Information
Under pressure from Democrats, who sought more transparency for the stimulus program designed to help U.S. small businesses survive the coronavirus pandemic, the SBA released information this week for all organizations that received at least $150,000 in loans. The program has received some criticism, including accusations that banks have prioritized larger ‘small businesses’ over smaller ‘small businesses.’ There were also criticisms that large firms for whom the program was not intended, including investment firms that manage billions of dollars in assets, received loans.
The loans are actually made by banks and other financial institutions, but guaranteed by the federal government. Under the terms of the program, businesses may have their loans partially or completely forgiven if the company meet certain requirements, including not reducing payroll by more than 25%.
So far, the federal government has distributed PPP “loans” in the amount of $521,483,817,756 across almost 5 million loans. About two-thirds of the loans were under $50,000, with .1% of the loans accounting for more than $5 million.
The money is earmarked specifically for payroll expenses, benefits, and taxes on competition. Up to 40% of the loan may be used to cover mortgage interest, rent, and utilities.
Any loan amount that is not forgiven carries an interest rate of 1.0% and a two-year term. Most of the money is expected to be forgiven.
USA Swimming & Olympic Sports
Most of the national sports governing bodies under the guise of the United States Olympic Committee applied for, and received, PPP loans under the program.
Exact amounts of the loans are not listed, but ranges are given.
Aquatic Sports Federations:
- USA Swimming – Between $1 million and $2 million
- USA Water Polo – Between $350,000 and $1 million
- USA Diving – Between $150,000 and $350,000
- United States Masters Swimming – Between $150,000 and $350,000
USA Artistic Swimming is not listed in the report, though with total annual revenues of under $2 million, it is possible that they received less than $150,000 from the program.
In addition to USA Swimming, a number of pools, pool operators, swim schools, and USA Swimming clubs received large PPP loans
Teams that received PPP Loans:
Note: this list is not exhaustive, given the scope of the companies that received PPP loans.
Programs that received between $150,000 and $350,000:
- Berkeley Aquatic Club, New Providence, New Jersey
- Carmel Swim Club, Carmel, Indiana
- Crawfish Aquatics, Baton Rouge, Louisiana
- Dad’s Club Aquatic Center, Houston, Texas
- Excel Aquatics, Brentwood, Tennessee
- Empire Swimming, White Plains, New York
- First Colony Swim Team, Sugar Land, Texas
- Fullerton Aquatics Sports Team (FAST), Fullerton, California
- KATY Aquatic Team for Youth, Katy, Texas
- Lakeside Aquatic Club, Flower Mound, Texas
- Machine Aquatics, Vienna, Virginia
- Mecklenburg Aquatic Club, Charlotte, North Carolina
- New Trier Aquatics
- Nitro Swimming Bee Cave, Austin, Texas
- NOVA of Virginia Aquatics, Henrico, Virginia
- Occoquan Swimming, Manassas, Virginia
- Quicksilver Swimming, San Jose, California
- Rochester Swim Club Orcas, Rochester, Minnesota
- Waterloo Swimming, Austin, Texas
Programs that received between $350,000 and $1 million:
- City of Midland Aquatics, Midland, Texas
- De Anza Cupertino Aquatics, San Jose, California
- Houston Swim Club, Houston, Texas
- Imagine Swimming (Manhattan Makos), New York, New York
- Nation’s Capital Swim Club (NCAP), Bethesda, Maryland
- Santa Clara Swim Club, Santa Clara, California
- SELA Aquatics, Baton Rouge, Louisiana
- SwimAtlanta Aquatics, Atlanta, California
- Irvine Novaquatics, Irvine, California
USA Swimming has already distributed $1.5 million in grants to member clubs to help them survive the coronavirus shutdown, while an application period for another $1.5 million opened earlier this month.