While thousands of small businesses were shut out of the Paycheck Protection Program earlier this year, NFL quarterback Tom Brady’s sports performance and nutrition company, TB12 Inc., received a loan from the federal government worth nearly one million dollars.
According to the Small Business Administration, TB12 was granted a $960,855 loan in April. The sportswear and supplement company qualified for the lifeline with a 2019 payroll between $1.68 and $4.8 million.
“TB12, INC. received a Paycheck Protection Loan of between 350,000 and 1M through Cambridge Savings Bank, which was approved in April, 2020.
Based on standard PPP eligibility rules, TB12, INC.’s total 2019 payroll expenses were between $1.68M and $4.8M in order to qualify for the PPP loan amount received. Unline most businesses, TB12, INC. did not report the number of jobs retained by their receipt of the Paycheck Protection Loan, so per-employee payrolls cannot be estimated,” SBA’s site read.
Brady is the second-highest-paid NFL player of all-time, raking in over $350 million during his career. He recently signed a two-year, $50 million contract with the Tampa Bay Buccaneers. Brady’s wife, Gisele Bündchen, is reportedly worth $400 million. – READ MORE
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