McConnell Applauds Inclusion of Horse Racetracks in Popular Small Business Loan Program

Statement

U.S. Senate Majority Leader Mitch McConnell (R-KY) announced today that Kentucky's signature horse racing industry will not be excluded from the U.S. Small Business Administration's popular small business loan program, called the Paycheck Protection Program (PPP).

The PPP is part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, the largest economic rescue package in history, which Senator McConnell introduced and led to enactment in about a week. Earlier today, President Trump signed legislation adding $320 billion more to the PPP, bringing the total federal funding for the program to $670 billion.

Senator McConnell contacted U.S. Treasury Secretary Steven Mnuchin and U.S. Small Business Administrator Jovita Carranza urging them to issue guidance that does not exclude the horse track industry from receiving federal relief during the coronavirus crisis. Race tracks across the state--like many other sports industries--are struggling from having to cancel meets due to the pandemic. The PPP can help these racetracks stay in business and their workers employed during the pandemic.

"Kentucky's racetracks are woven into the cultural fabric of the Bluegrass State, and I'm glad the Trump Administration answered my call to allow this premier industry and its workers to benefit from my CARES Act," said Senator McConnell. "Just like at many other Kentucky businesses, workers at these tracks are in need of financial relief during the coronavirus crisis. As Senate Majority Leader, I was proud once again to speak up for Kentucky's priorities, raising the needs of racetrack employees directly to the highest levels of the federal government. I'll continue fighting to deliver the assistance Kentucky needs to get through the crisis."

"The horseracing industry, like so many others, faces numerous challenges in these uncertain times and Sen. McConnell's work to ensure our industry's ability to participate in these government funding programs designed to combat the adverse economic impacts of the coronavirus on our members is much needed and greatly appreciated," said Alex Waldrop, CEO of the National Thoroughbred Racing Association, headquartered in Lexington, Kentucky.

"This just announced change of eligibility for access to emergency funding from the SBA is monumental for our industry, especially racetracks that employ hundreds of workers across Kentucky and the nation. Horseracing has been severely impacted by the coronavirus like many others and Sen. McConnell's efforts to ensure our ability to tap these needed funds is great news for our industry and our workers," said Ron Winchell, co-owner of Kentucky Downs in Franklin, Kentucky.

"The change allowing racetracks to participate in the PPP will allow us to provide some much-needed security to our Ellis Park team members. Many thanks to the U.S. Senate, and to Senator McConnell, for their efforts to make this happen," said Jeffery Inman, General Manager, Ellis Entertainment in Henderson, Kentucky.

In addition to these federal funds, Kentucky communities and organizations have so far received more than $2.7 billion to address urgent housing, transportation, healthcare, education and economic development priorities from Senator McConnell's CARES Act.

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