The U.S. Soccer Federation has "applied and been approved for a loan via the Payroll Protection Program that is part of the Coronavirus Aid, Relief and Economic Security Act (CARES)," according to sources cited by Jeff Carlisle of ESPN.com. The program is "intended to provide small businesses -- defined as having fewer than 500 employees, with some exceptions -- with a forgivable loan to pay employees during the coronavirus pandemic." The loan amounts "will be forgiven as long as the loan is used to cover payroll, mortgage interest, rent and utility costs over the eight-week period after the loan is made -- and if employee and compensation levels are maintained." The USSF announced last week that it was "laying off and furloughing some staff, meaning that unless the organization restores those staffing and compensation levels, it would have to repay the loan plus interest." Carlisle noted the USSF already was planning to have its cash reserves -- which in the wake of the '16 Copa America Centenario at one point reached $160M -- depleted to $40M over the next two and a half years, but is "now anticipating significant revenue shortfalls as a result of postponed or canceled games." U.S. Soccer also is "bracing for a possible eight-figure settlement in the equal pay lawsuit" with USWNT members (ESPN.com, 4/20).
