Two years have passed, but the Tom Brady PPP loan drama doesn’t seem to be ending. The program was meant to aid struggling small-scale businesses and tackle the losses incurred due to the global pandemic. Many ventures applied for this loan; however, 52% of them got rejected, citing various reasons. When the final data was released by the U.S. Small Business Administration, it stirred a new controversy because the TB12 wellness company was on this list. The same company which is owned by NFL legend Tom Brady.
Advertisement
PPP loans stand for Paycheck Protection Program. The scheme was introduced by the federal government to support small-scale institutions to manage their existing workforce and create more jobs when the COVID-19 pandemic was wreaking havoc across the world. As a lot of people who applied for the loan were turned down, a particular section of audience criticized Brady and his TB12 brand for apparently taking unnecessary advantage of such a scheme.
Fans defend Tom Brady as PPP loan controversy begins to gain pace once again
Renowned politician Kevin McCarthy recently claimed on FOX News that over $60 billion in unused COVID funs are still lying in the bank which the Democrats are not willing to give back to the American public. He advocated crediting those dollars back into the taxpayers’ accounts.
Washington is sitting on $60 billion dollars in unspent COVID funds, even though the pandemic is over.
Republicans want to claw that money back for taxpayers. Democrats are fighting us over that.
That’s crazy. pic.twitter.com/xlIT797twT
— Kevin McCarthy (@SpeakerMcCarthy) May 20, 2023
This news somehow reminded people of the PPP loan taken out by Brady during during the pandemic, when several common folks were refused assistance by the government. However, die-hard followers of the former NFL QB are justifying the loan taken out by Tom by claiming that the all money actually went into supporting 80 employees of his company.
Tom Brady didn’t get PPP.
The PPP money went to TB12, Inc. and not Brady.
And, TB12 used the funds to pay 80 employees.That’s why the loan was forgiven.
— R R Miller (@rrm4a) May 21, 2023
Back in 2020, Brady’s net worth was estimated at around $200 million, making him one of the richest athletes in the American sports fraternity. He then signed a two-year, $50 million contract with the Tampa Bay Buccaneers and drew handsome money from other endorsements as well.
Despite all this fortune, netizens questioned Tom’s TB12 brand’s loan application seeking relief during COVID time. For the unversed, Tom’s wellness company had received $960,855 in loans from the government.
TB12 brand going through a tough time?
Despite all this help from the government, the recent moves from the company have made netizens more skeptical about the ongoing situation of Brady’s business avenues. Per Boston.com, his flagship wellness company store had to be closed in Boston. It was one of the first outlets opened in New England while the veteran was still associated with the Patriots.
This unexpected move sparked several theories about a forthcoming downfall in Tom’s business venture. However, one must note that apart from one store closing down, no other concrete data is available to back such drastic claims. Moreover, as Tom is set to make more money in the coming future through his FOX deal and 199 productions, he is expected to pour more dollars into the TB12 business which might end up taking it to unprecedented heights.
