PGA Tour puts financial plans in place to help players and caddies

With the PGA Tour currently halted until further notice due to the ongoing battle against the coronavirus, many players and caddies are not making any money, as a large portion of them rely solely on tournament earnings.

A memo was sent out to the Tour's players on Friday explaining how they can benefit from the programmes that the PGA Tour are putting in place.

“Playing opportunities equate to financial opportunities, and we are concerned about the toll that canceled tournaments are having on some of our members,” said PGA Tour Chief of Operations Tyler Dennis.

Due to IRS regulations, the PGA Tour isn't allowed to provide players with unearned financial benefits, which was explained to the players in the memo, but the players can now benefit from the numerous programmes being introduced, including one that offers advanced payments based on projected FedExCup earnings.

Players can receive up to $100,000 based on where they are projected to finish in the FedExCup, but the bonus will then be removed at the end of the season.

Other programmes being launched by the PGA Tour include advanced payments of up to $30,000 for future Monday Pro-Am spots, whilst the Tour will also speed up the process of players being able to withdraw funds from their retirement plans.

“From the start, we have pledged to listen and be responsive to the needs of our players in this unprecedented time, when events are canceled and our members’ ability to compete on the field of play – their livelihood – is on hold,” a PGA Tour spokesperson said in a statement. 

“Through the support of our policy board and player advisory council, we’re pleased to have found a creative solution to advance payments to players for current and future performance and/or services, which is consistent with our business model.”

Caddies are also able to make financial requests to the Caddie Benevolent Fund, thanks to the Tour allowing a partial mid-season distribution of an endorsement program.

“The level of uncertainty surrounding the coronavirus pandemic has led us to work on alternative schedules in case there are additional cancellations or postponements,” the memo read.