What happened with Tom Brady’s PPP loan?
At the height of the COVID pandemic, Tom Brady’s company received a government loan for almost one million dollars.
Tom Brady, the Tampa Bay Buccaneers star quarterback, is arguably one of the finest players in NFL history. The quarterback has won every major award in the game, including seven Super Bowl rings, five MVP awards, and three NFL MVP honors.
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In addition to his career in the NFL, the former New England Patriots player is also known for his entrepreneurial spirit. In 2013, Brady and Alex Guerrero formed TB12 Inc. The company is a health and wellness organization that assists athletes in enhancing their performance through the use of customized workouts and conditioning programs.
COVID and the PPP loan
Back in 2020, when COVID lockdowns were being implemented throughout the United States for the first time, it became public knowledge that his company, TB12, had been granted a federal government loan of $960,855 through the Paycheck Protection Program.
According to reports, the amount of the loans provided to small enterprises was unknown; nonetheless, they were categorized into tiers ranging from $150,000 to $360,00 all the way up to $5 million to $10 million.
Under then-President Donald Trump’s leadership, the $2 trillion CARES Act established the PPP program as a small company loan initiative.
In April 2020, it was reported that Brady’s company had been given loans totaling approximately one million dollars. The 44-year-old player had signed a contract with the Buccaneers just one month earlier worth $50 million over two years.
Paying back the loan
In addition to becoming a wellness brand, Tom Brady also established the TB12 Foundation with the help of Boston Private and Robert Paul Properties by utilizing his trademarked TB12 moniker. The charitable department collaborated with athletes to find ways to reduce the risk of injury and increase the athletes’ longevity.
Reports that the QBs company had been granted loan forgiveness have been circulating over the internet, but there is no clear answer if the business paid back the loan.