Lucrative football season in jeopardy, Fresno State Athletics gets PPP loan

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Despite the uncertainty surrounding its football season – a huge source of money – and the early cancellations of large football payouts due to the coronavirus, the Fresno State Athletic Corporation took an early plunge for federal funds relief against coronaviruses.

A few weeks ago, Fresno State announced plans to send some students back to campus for the fall semester and said a decision regarding track and field would come later this summer.

The university will allow around 1,300 students on campus while the rest will participate in online classes. As of the fall semester of 2019, Fresno State had more than 24,000 students on campus.

According to the United States Small Business Administration, the agency responsible for providing the loans, the Athletic Corporation of Fresno State received a loan in the range of $ 1 million to $ 2 million.

The loan was approved on June 29 and the Athletic Corporation was able to keep 265 jobs thanks to it.

The Athletic Corporation oversees and manages the various athletics programs on campus.

Assuming the Athletic Corporation meets certain criteria set by the Small Business Administration, the seven-figure loan will be forfeited.

Criteria include the use of the loan for staff costs, mortgage interest, rent, and utilities, and at least 60 percent of the amount remitted must be used for payroll.

The Athletic Corporation was not the only organization in Fresno State to receive a loan from the Paycheck Protection Program.

The CSU Fresno Association, Inc., the entity that manages a number of the university’s business activities, also received a separate loan of $ 1 million to $ 2 million, which was approved on April 15.

This loan enabled the Association to retain 469 declared employees. The Association oversees the Kennel Bookstore, Student Recreation Center, University Food Services, University Yard and University Students Union, as well as management, accounting, information services, services legal and professional services to other auxiliary campus organizations and operations.

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