NASCAR President Steve Phelps announced Tuesday that the company was cutting staff pay across the board until racing returns from the sports-wide coronavirus hiatus. The move was announced through a memo sent to NASCAR workers that the Associated Press obtained

As for the specifics of the cuts, the memo states that the salaries of series executives will drop around 25%, this includes the salaries of the presidents of NASCAR-owned tracks, while everyone else with a salary will lose about 20% of it. In addition to the salary cuts, the company has frozen budget expenses and capital improvements. Employees have also been told to use one week of vacation over the next five weeks.

"With the temporary postponement of our season and the impact of the coronavirus is having on every part of our business, we will have to adjust our operations in several significant ways," the statement reportedly reads. "We are trying to minimize expenses until we can get back to doing what we do best - holding great race events for our fans.

"These decisions are difficult but necessary for the health of our company as we work through this crisis and address the long-term business needs of our sport."

NASCAR announced on Mar. 16 that it would be shutting down its season until May 3 in accordance with recommendations from the CDC on limiting the spread of coronavirus.