Pac NW received and was forgiven over $650k in PPP loans. Money well spent?
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https://www.federalpay.org/paycheck-...lub-tukwila-waOriginally posted by Guest View Post -
i promise you, they were not the only club to get themComment
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You can look up the club and confirm for yourself.
it does not look like all clubs did it.
maybe they are listed under a different name.Comment
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Just wondering how it benefited our children?Comment
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I used to be a on the board of one of the midsize local clubs. They applied for PPP loans -Originally posted by Guest View Post
Our budget was razor thin - we were going to be in the black anywhere from 10-30k annually (pre-covid)... As soon as we started lowering fees to parents for no practices/games - it was either layoff coaches and close some teams - or apply for the loans - the loans let us bridge that gap. and kept our club whole. I'm glad that was there and available to our clubComment
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And without relying on "fundraising requirements" like WP!Originally posted by Guest View PostComment
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Seattle united $1.2 millionComment
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Washington premier $500,00Comment
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You think Pac NW needed $650k to keep from going out of business?Originally posted by Guest View PostComment
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Seattle United is a perfect example:Originally posted by Guest View Post
https://apps.irs.gov/pub/epostcard/c...2317323148.pdf
https://apps.irs.gov/pub/epostcard/c...0417785610.pdf
Really didn't see huge changes in revenue due to Covid. The loans were likely forgiven in 2021, so you won't see them impact revenue much until those tax returns are in.
So where did the money go?
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They all got PPP loans so they could keep paying Directors during COVID even though they weren’t really doing anything. Not super hard to figure out.Comment
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It's great that the clubs were able to survive. Don't be so small...I was lucky enough to be paid to work very little in my job for a long time, it was/is unprecedented times. I for one am glad to see the clubs stay alive.Comment
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