The year going forward will\ncontinue to impact almost all aspects of the motorsports industry. We will look at those segments and see how\nthey will proceed during this extended period of uncertainty.<\/p>\n\n\n\n
Racing started last year\nsimilar to previous seasons but was soon interrupted. Plans were stalled and went into lengthened\nholding patterns. Many were able to see abbreviated activity with less then\nmeaningful results.<\/p>\n\n\n\n
The sports and entertainment\nsectors were one of the most severely affected during the shutdown. Large scale gatherings were considered higher\nrisk due to human interaction and the possibility of community transmission.<\/p>\n\n\n\n
State and local health\nofficials worked with businesses to develop guidelines for maintaining healthy\nenvironments. These included rules on\ncleaning and disinfection, restrooms. ventilation, water systems, facility\nlayouts, physical barriers, communal spaces, and food service.<\/p>\n\n\n\n
Government and municipal\nauthorities ultimately have the final say. \nDepending on the location, a centralized or decentralized structure may\nlead to confusion.<\/p>\n\n\n\n
Federal aid programs were\ncreated to assist entities on several fronts. \nThese included the paycheck protection program, employee assistance\ngrants, economic injury disaster loans, and pandemic unemployment compensation. There were also direct federal stimulus\nchecks to taxpayers.<\/p>\n\n\n\n
The business assistance\ninitiatives were the designed to help with meeting payroll and keeping money\nflowing to employees. These loans were\nforgivable based on certain criteria.<\/p>\n\n\n\n
Many racing business including\nteams and manufacturers participated in these programs. <\/p>\n\n\n\n
The initial round of funding\nwhich totaled $2.0 trillion was part of the CARES Act was passed in March 2020.<\/p>\n\n\n\n
The second relief bill will be\n$900 billion and include enhance unemployment benefits and direct cash payments.\nSigned in December 2020 and smaller than the previous program, it is the next\nlargest program in history.<\/p>\n\n\n\n
The initial stimulus was passed\nand put into action shortly after the nationwide shutdown. <\/p>\n\n\n\n
During the next nine months, it\ncame into focus which industries were more directly affected. Entertainment was one that list. <\/p>\n\n\n\n
They organized and came\ntogether under the \u201cindependent venue\u201d moniker\nand mounted a comprehensive lobbying effort, <\/p>\n\n\n\n
The result was a $15.0 billion\nprogram for live venues, theaters and museum operators. The program is titled \u2013\nGrants for Shuttered Venue Operators.<\/p>\n\n\n\n
The Small Business\nAdministration is overseeing the application process for the federal government. Individual states, like Michigan have a\n\u201cStages Survival\u201d program. <\/p>\n\n\n\n
This initial consideration will\nbe for operators that have lost at least 90% of the revenue. They first grants\nwill be for up to $10.0 million and then another for almost half that amount.<\/p>\n\n\n\n
The money can be spent on\npayroll, rent, utilities, and personal protective payments. There are details\non who is not eligible or covered (publicly traded, corporate acquisitions,\netc.).<\/p>\n\n\n\n
The wording features the term\n\u201clive event promoter.\u201d Race tracks are\nnot specifically named in the bill text. \n<\/p>\n\n\n\n
However, they meet many of the\ncharacteristics. Most are located in rural\ncommunities and leased from non-profit fairgrounds. Tracks are small business owned and operated\nby families. They sell tickets and food to generate the majority of their\nrevenue. Participants are paid prize\nmoney to race each week. <\/p>\n\n\n\n
The goal is for race tracks to\nqualify and participate in these programs. \nThis infusion of cash into independent venues that will give them a\nshort term boost need to reopen after the pandemic ends. <\/p>\n","protected":false},"excerpt":{"rendered":"
The year going forward will continue to impact almost all aspects of the motorsports industry. We will look at those segments and see how they will proceed during this extended period of uncertainty. Racing started last year similar to previous seasons but was soon interrupted. Plans were stalled and went into lengthened holding patterns. Many […]<\/p>\n","protected":false},"author":5,"featured_media":836,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"_links":{"self":[{"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=\/wp\/v2\/posts\/833"}],"collection":[{"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=833"}],"version-history":[{"count":2,"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=\/wp\/v2\/posts\/833\/revisions"}],"predecessor-version":[{"id":843,"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=\/wp\/v2\/posts\/833\/revisions\/843"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=\/wp\/v2\/media\/836"}],"wp:attachment":[{"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=833"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}