Several MLS Clubs To Decide Soon Whether To Accept PPP Loans
As many as five MLS clubs "will decide over the next 24-to-48 hours whether to use funds granted to them through the U.S. federal government’s Paycheck Protection Program (PPP)," according to sources cited by Maurer & Stejskal of THE ATHLETIC. The sources said that "at least 12 clubs submitted a PPP application and had it approved by the government, but that at least seven will not use the money that they were granted." The full list of clubs that will not use their PPP money "isn't known." But multiple sources said that LAFC is "one of the teams who ended up declining the funds after its application was approved." The sources added that the group of clubs "still weighing whether to accept federal funding" includes DC United, Inter Miami, Orlando City, the Union and the Sounders. A source said that one MLS club "had received a loan" of approximately $1.5M, and that other clubs had "received larger payments based on their payroll expenses" (THEATHLETIC.com, 5/12).