The U.S. Senate and House of Representatives passed legislation to add $320 billion in additional funds to the Paycheck Protection Program (PPP) and $60 billion to the SBA’s Economic Injury Disaster Loan (EIDL) program.

SEMA and more than 250 other organizations urged swift action by Congress to replenish program funding. The initial $349 billion funds for PPP and $10 billion for EIDL had proven insufficient in helping small businesses cope with COVID-19. President Trump intends to sign the bill into law and allow loan applications for PPP and EIDL to be processed.

The U.S. Small Business Administration (SBA) guarantees loans for small businesses through the PPP that equal up to 250% of a company’s monthly payroll (capped at $10 million), which can be used to cover payroll, mortgage, rent, and other specified expenses. PPP loans offer favorable terms (1% interest rate, no collateral or personal guarantee requirements, no borrower or lender fees, and no payments for six months). The SBA will forgive that portion of the loan used to cover payroll, mortgage interest, rent payments, and the cost of utilities for the first eight weeks if small businesses retain their employees and payroll levels.

It is recommended that applicants work with a bank where they have an existing relationship when applying for PPP loans, as there are reports that many banks are not providing loans to businesses they haven’t worked with previously. Borrowers may find eligible lenders through the SBA’s webpage, which brings up local financial institutions offering PPP loans. 

The EIDL provides loans of up to $2 million at 3.75% and is funded directly through the SBA rather than the bank. The SBA reportedly limited initial loans under the EIDL program to $25,000 to $35,000 or less as a result of resource constraints, but the $60 billion in funds Congress authorized to be added to the program should translate into larger loans for small businesses.

Loans may be used to retain employees, address interrupted supply chains, make rent or mortgage payments, and pay other bills. The first $10,000 of the loan is a grant that does not need to be repaid. If a company later receives a PPP loan, the grant will be applied to amounts forgiven under the PPP loan.

For more information on PPP, EIDL, and other federal programs related to COVID-19, check out PRI's resources at performanceracing.com/corona-updates.  

For more information, contact mail@performanceracing.com.

Champion Oil, the provider of racing and performance lubricants, has announced plans remain in place for the Champion Racing Oil Summer Nationals Open sanctioned by the World of Outlaws Sprint Car Series. The special event is slated for July 24-25, at Willams Grove Speedway in Mechanicsburg, Pennsylvania.

“To date, most races in 2020 have either been canceled or postponed,” Williams Grove Speedway Managing Director Justin Loh said. “As things stand, it looks like we will be running the Champion Racing Oil Summer Nationals on our scheduled date. We are working hard during the interim to ensure enhanced safety and cleanliness measures. The staff is all in on ensuring that this goes hand in hand. I see chances are very good to host this spectacle event.”

The Champion Racing Oil Summer Nationals Open has more than 50 years of history with some of the biggest names in motorsports competing at the half-mile dirt track. The event is also a key part of the World of Outlaws Sprint Car Series championship, which includes 94 race nights at 50 different tracks across 22 states and three Canadian provinces.

For more information, visit championbrands.com, williamsgrove.com, and worldofoutlaws.com.

Officials from the Rice Lake Speedway Hall of Fame Committee have announced its induction class for the 2020 Hall of Fame. The Committee did not meet in person but selected the new members through digital communication.

The new members in the "Driver" category will be Al Hajdasz and the late Gene Bolin. Selected in the "Friends of the Speedway" category are Jim Randall and Larry Johnson. The four inductees will be added to the Speedway's Hall of Fame in a ceremony slated to be held during the races on Saturday, August 15.

This year marks the 10th anniversary that the track has held the special induction ceremony. Hajdasz, Randall, and Johnson will be on hand to accept their awards, while members of the Bolin family will be present to accept his award.

In related news, Rice Lake Speedway's 2020 season continues to be on hold due to the coronavirus pandemic.

For more information, visit ricelakespeedway.net.

Listening closely to feedback from industry partners, PRI has extended the priority exhibitor application deadline to Friday, June 12. The extension helps to accommodate exhibitors by providing additional time to plan.

The PRI Trade Show is an investment in your business. And PRI wants you to be able to invest with confidence, which is why management has also updated its policy for this year’s Show to allow a full refund until September 1.

PRI remains fully committed to the success of the motorsports industry and its exhibitors. The updated priority deadline and refund policy reflect this commitment, and the PRI staff continues to make plans for the Show to take place on December 10-12, in Indianapolis, Indiana.

For questions or to discuss booth reservation options, reach out to your PRI sales representative at 949-499-5413 or mail@performanceracing.com.

To secure a booth for the 2020 PRI Trade Show, visit here.

Dana Incorporated’s aftermarket group is offering free, interactive online training for automotive professionals. The Dana Training Academy offers virtual classes that participants can complete at their own pace.

“The Dana aftermarket group supplies customers with top quality parts and unique ways to help them increase their knowledge and grow their businesses,” said Bill Nunnery, senior director, sales and marketing, global aftermarket for Dana Incorporated. “By registering for the Dana Training Academy, automotive professionals will be able to access valuable information and learn installation procedures that will benefit shop productivity and, in turn, profitability.”

The Dana Training Academy is a free, online learning management system (LMS) that utilizes interactive slideshows and videos to provide informative training. When a participant successfully completes a course, there is an option to download and print a personalized certificate of completion.

For more information, or to register at no charge, visit https://training.dana.com.

Mercedes F1 chief Toto Wolff has purchased shares in Aston Martin Lagonda, the British automotive brand which will return to the F1 grid next year with the rebranded Racing Point team.

During Wolff's tenure as the head of Mercedes, the team has earned six successive drivers' and constructors’ championship doubles.

It was revealed in regulatory documents released by Aston Martin Lagonda that Wolff had purchased a 4.77% stake in Aston Martin. That amount will be diluted to 0.95% on following a rights issue by the manufacturer to raise capital in a bid to turn the company’s fortunes around.

This means that Wolff becomes a private investor in Aston Martin, joining Mercedes parent company Daimler which has been a long term shareholder in the brand.

"Fully diluted following the pending rights issue on Monday, this investment will represent a 0.95% stake in the company," a Mercedes spokesperson said. "It is a financial investment and Toto's partnership and executive role with Mercedes are unaffected by the transaction."

For more information, visit formula1.com.

Photo courtesy of F1

NASCAR has decided to postpone the scheduled events on May 8-9, at Martinsville Speedway in Virginia. The organization intends to run all 36 races, with a potential return to racing without fans in attendance in May.

The health and safety of its competitors, employees, fans, and the communities in which they run continues to be the organization's top priority, according to a written release.

The debut of the Next Gen car has also been delayed until 2022.

For the latest information, visit nascar.com.

For a running list of adjusted 2020 racing series schedules and calendars, updated regularly, visit here.

 

Front Row Challenge Enterprises is scheduled to bring racing to Park Jefferson International Speedway (North Sioux City, SD) on April 25, where fans will be able to see winged 410 sprint cars and IMCA Mods at the Open Wheel Nationals presented by Real-Geese Silhouette.

The promoter notes that event officials will ensure the race follows the latest South Dakota mandates in regard to COVID-19.

“With everything sitting idle and much of the world in a day-to-day phase, we are excited to bring a little bit of normalcy back to the racing world,” Front Row Challenge Enterprises' Terry McCarl said. “While it won’t quite be a normal race day, we have been watching South Dakota’s guidelines to ensure we are in line with their mandates and we are extremely excited about racing on April 25.”

In an effort to practice social distancing, both classes will be limited to just 32 cars per class with a $50 pre-entry fee to ensure a spot, as well as a transponder. Those that want to register can do so at parkjeff.com.

Those admitted in the pits will also be limited as no walk-up patrons will be allowed. Each team will be allotted just 10 people total to sign in under their car number. Pit crew members will not be allowed in the grandstands.

The main grandstands will be open to the public in a limited quantity with tickets available for $25. The race will also be streamed LIVE on SpeedShiftTV.

Track officials ask that those that are high risk, and those that are feeling under the weather, stay home on race day.

For more information and to purchase tickets, visit parkjeff.com.

NHRA officials have announced revised participation guidelines for Summit Racing Equipment Jr. Drag Racing League competitors attending the Western Jr. Conference Finals on June 22-26, at Tulsa Raceway Park and Eastern Jr. Conference Finals on July 12-18, at Bristol Dragway.

Below is the updated participation guidelines.

PARTICIPANT ELIGIBILITY:

• All active licensed NHRA Jr Drag Racing League Members are eligible to participate

• Racers may participate in one or both conference finals events

 
TRACK TEAM CHAMPIONSHIP:

• Only NHRA Member Tracks from Divisions 1, 2 and 3 are eligible to submit TRACK TEAM rosters for the Eastern Conference Finals. 

• Only NHRA Member Tracks from Divisions 4, 5, 6 and 7 are eligible to submit TRACK TEAM rosters for the Western Conference Finals. 

• To be eligible for a TRACK TEAM roster, a competitor must have participated in a minimum of two Summit Jr Drag Racing League Series events at that member track since A) the completion of the 2019 Conference Finals events and B) prior to opening day of the 2020 Conference Finals event. Tracks found to be in violation of this requirement may lose all points earned for all track teams submitted and may be subject to additional penalties.

 
NON-TRACK TEAM ROSTER PARTICIPANTS:
While NHRA always celebrates winning the Conference Finals events and representing home tracks, attending the events is also about building friendships and relationships with fellow Summit Jr Drag Racing League families from all across the country, and in some cases around the world. While the COVID-19 pandemic has altered the racing schedules for many NHRA Member Tracks, NHRA wants all Summit Jr Drag Racing League members to have the full experience of attending the conference finals events and being a part of the team atmosphere.

• For 2020, Jr Drag Racing League licensed competitors will still be eligible to participate in the conference finals events without being on a Track Team Championship roster.

• Competitors that did not qualify to be on an NHRA Member Track team roster will not be eligible to win the TRACK TEAM championship and trophies related to the team championship.

• These competitors will be placed on a non-points earning team with team code “WP” for “Wally Parks” and encouraged to participate in all other team-related activities during the week.

For more information, visit nhra.com.

Accessible Techonolgies, Inc, the parent company of ProCharger and Inovair, has welcomed Rob Kinnan as the company’s new marketing director.

Kinnan has nearly 31 years of experience in the automotive publishing world, most recently serving as the editor of "Mustang Monthly" magazine. He also worked with Motor Trend Group, including a seven-year stint as the editor of "Hot Rod" magazine.

Kinnan was also a founding member of the National Mustang Racers Association (NMRA), serving as editorial director for both "Race Pages" and "Fastest Street Car" magazines, among many other event-related positions.

He joins ProCharger's team in Mill Valley, California. He will also be involved in expanding ProCharger's presence in the state, mainly testing and racing opportunities at Sonoma Raceway, where the company has space for development vehicles. He will also assist with the company's latest project, a ProCharger system for the supercharged C8 Corvette.

“I’m very excited to join the ProCharger and Inovair teams and be working with the world-class team of engineers, tuners, and racers here. I’m on the other side of the fence now, moving from the editorial side to manufacturing, and I welcome the challenge. It’s going to be a blast,” Kinnan said.

For more information, visit procharger.com.