Photo by Nic Antaya for The Boston Globe via Getty Images
While so many small businesses around the country were shut out from getting a PPP loan, Tom Brady’s company was at the breast of the line for nearly$ 1 million.
Tom Brady is the second highest paid NFL player of all-time with more than $ 260 million in job earnings. At age 43, he’s realizing more coin dallying football this year than he ever has before after ratifying a two-year, $50 million contract with the Tampa Bay Buccaneers over the offseason that is fully guaranteed. This doesn’t even account for Brady’s countless rewarding promotion distributes off the field, or the fact that his wife Gisele Bundchen is reportedly worth $400 million.
It might feel like Brady is going to play forever, but he’s already started plans to stay busy when he eventually retires. Brady launched TB12, a state and wellness company, a few years back to sell complements and merchandise like really expensive pajamas, frozen dinners, defiance circles, and what this website once announced “the world’s most pretentious cookbook.”
When the federal government opened the Paycheck Protection Program to send lends to small businesses in need during the pandemic, TB12 was at the figurehead of the line. We learned the summer months that Brady’s fellowship receives an PPP loan. Now we are at last know how it works much “its for” 😛 TAGEND
Tom Brady’s company took nearly$ 1M in PPP loans, while 52% of small and medium-sized businesses that applied didn’t get any.Tom Brady is worth $ 200,000, 000. pic.twitter.com/ St2L95ODxr
— Sawyer Hackett (@ SawyerHackett) December 4, 2020
Brady’s company was eligible to apply for the loan by rally the company size standards and business classifications, but it didn’t precisely fit the spirit of what the PPP loans hoped to accomplish. The planned was designed to help self-employed people to pursue its efforts to stir rent, payroll, and utilities , not hand a$ 1 million handout to one of the country’s wealthiest citizens. Meanwhile, so many firms that were actually in need were shutout from the loan as fund abruptly dried up.
What was Brady’s company supposed to do? Return the lend? That’s what the Los Angeles Lakers did after they were given $ 4.6 million PPP loan pay but refused to give it.
The blame here doesn’t fall with Brady or his corporation as much as it does a smashed structure that allows it to happen. While tens of thousands of hard working small business owners were reportedly shut out from loan money, affluent business owners accumulated checks and the banks spawned more than $ 10 billion in processing rewards, according to reports .
At his day job, Brady has now been granted with the ability to call gamblings with his team coming off two straight damages. If this doesn’t work, there’s no bailout coming to save him.
Read more: sbnation.com