On Monday the Small Business Administration released the names of the companies that received Paycheck Protection Program (PPP) loans. Some of the names include law firms related to the UFC lawsuit as well as boxing promotions.
A $660 billion program intended to keep small businesses going during the economic shutdown caused by the COVID-19 pandemic allowed companies to apply for a loan that would facilitate keeping employees. The detailed information provided Monday showed companies that received loans of $150,000 or more. The data showed the range of loans each company received. Nearly 5,000 business received individual loans between $5 million and $10 million according to the data. One of these businesses was the law firm representing Zuffa in its antitrust lawsuit against former fighters, Boies, Schiller and Flexner. The powerhouse law firm received a PPP loan in the $5M-$10M range.
Also on the list were plaintiffs’ law firms in the Zuffa antitrust lawsuit – Joseph Saveri ($350K-$1M) and Warner Angle ($350K-$1M).
Boxing also received PPP relief with Top Rank ($350K-$1M), Golden Boy ($350K-$1M) and Mayweather Promotions ($350K-$1M) receiving assistance.
USA Boxing received a PPP loan of between $150K-$350K.
The data also shows that Oasis Elite Boxing, LLC received a loan of between $150K-$350K. It is registered as a nonprofit and lists Adrien Broner as a part of the organization although there is no indication that he is managed or owns by Oasis Elite Boxing.
Payout Perspective:
One thing that the public is finding out about these PPP loans is that despite the fact the inference was that the relief were to go to small businesses, the definition of what is a small business varies. Certainly, the promotions and law firms employ many individuals so with those businesses shut down there is absolutely a need to provide payroll assistance especially at a time when there is no income. Promoters have not been able to put on events and thus no profits are realized to pay employees. With the shutdown continuing, we will see if there will be need for another round of relief in the fall.
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