Stimulus Payments: US Olympic and Paralympic Committee Requested $200 Million

Americans have been receiving stimulus checks for the last few weeks, and it's possible a new wave of money could be on the way. For the most part, sports leagues have not been part of the stimulus payments, but one organization did ask for financial help. It was reported by the Wall Street Journal the United States Olympic and Paralympic Committee (USOPC) asked Congress for $200 million in relief for NGBs. The committee asked for the money to help sports organizations who are not included in the stimulus package.

"During this crisis, the USOPC plans to continue to provide resources to the athletes and the NGBs," an email from the USOPC to lawmakers said, per Swim Swam. "While an important source of revenue, the USOPC's resources are not enough to keep the system afloat." The USOPC announced 800 events have been canceled through June, which would cots the governing bodies $150 million. Athletes could lose up to $25 million, which would come from sponsorships and prize money from canceled events.

"U.S. Olympic and Paralympic sport could be set back for years as a result of this financial damage.," the USOPC wrote in an email. "Athletes could be forced to retire prematurely. NGBs could be forced to close, leaving affected sports without an organization to provide financial support, leadership and direction to help protect the future of Olympic and Paralympic sport in the U.S."

"We did a survey of (national governing bodies) and asked the NGBs a couple of questions about what the financial implications of Covid-19 would be to them as a result of all the canceled events and things," USOPC CEO Sarah Hirshland said to the Wall Street Journal. "And the NGBs, in turn, gave us what I would describe as a back-of-the-napkin assessment. We rolled up that assessment and sent something to Congress saying, 'This is going to have significant impacts on the NGBs and we would love to be considered in some of the stimulus package or some of the funding support that you're offering'…None of that has any consideration at all for the USOPC."

The 2020 Summer Olympic Games were set to take place in Tokyo in JUly. However, due to the coronavirus pandemic, the event has been postponed until next year. There has been some speculation the Olympics might not happen next year as well, which could lead to a cancellation.