Even though the Buccaneers QB is worth an estimated $200M, his company received close to $1M in PPP loans while 52% of small businesses who applied didn't.
Tampa Bay Buccaneers quarterback Tom Brady's company received a large Paycheck Protection Program (PPP) loan of nearly $1 million from the federal government.
The Small Business Administration published data in December detailing PPP loans, showing that TB12 received $960,855 on April 15, 2020. This was just six days after the company announced plans to expand their presence to Tampa, Los Angeles and New York.
Meanwhile, just over 50% of small businesses who applied for assistance reportedly did not get a PPP loan.
News broke in July regarding Brady's company receiving a PPP loan, but prior to the SBA's data, TB12 Inc. was listed as part of the $350,000 to $1 million tier.
The Massachusetts-based company sells supplements and merchandise online, and they have training centers in Boston, Foxboro and Tampa where clients can train with “TB Body Coaches.”
Congress and President Donald Trump passed and signed a $2 trillion relief package in March that was focused on combating job loss and supporting small businesses struggling because of the COVID-19 pandemic. PPP loans aimed to provide financial relief to small businesses negatively impacted by the global spread of COVID-19. However, they had to apply to the SBA in order to receive this assistance.
Brady has earned roughly $260 million from NFL salaries alone, according to Spotrac, not including his exorbitant endorsements or investments. Forbes named the 43-year-old the 21st highest-paid athlete in May, as the Bucs currently have Brady signed to a two-year contract worth $50 million. His salary is reportedly completely guaranteed, a rarity in the NFL. He's also married to Gisele Bunchen, who has a net worth of $400 million, according to The Independent.
He wasn't the only athlete to receive assistance for his business. MLB agent Scott Boras and boxer Floyd Mayweather also received PPP loans for their respective businesses.