Tom Brady’s sports performance and nutrition company received a Paycheck Protection Program loan of $960,855 from the federal government, according to data released by the U.S. Small Business Administration.
TB12 Inc., based in Massachusetts, received the loan on April 15, 2020, as part of the small business lending program created under the $2 trillion CARES Act passed by Congress and the Trump administration in March. The loan was processed by Cambridge Savings Bank.
Brady, a former quarterback for the New England Patriots of the NFL, started TB12 in 2013. He agreed to a two-year $50 million deal with the Tampa Bay Buccaneers in March. The company announced in April plans to expand in Tampa, Florida, New York and Los Angeles.
The six-time Super Bowl champ has made about $350 million during his career, according to Forbes.
It’s unclear how TB12 was impacted by the coronavirus pandemic and how many jobs it retained with the loan. CNBC has reached out to the company for comment.
More than 500 sports-related companies received funds of $150,000 or more from the SBA program, according to the Sports Business Journal.
The Los Angeles Lakers, one of the NBA’s richest franchises, received $4.6 million in federal loans in April but returned that money upon learning that funds from the program ran out.
Source: Business - cnbc.com
