The CARES Act passed by Congress in March included money to help small businesses through the pandemic—including one owned by a certain multimillionaire quarterback. A Paycheck Protection Program loan of $960,855 went to Tom Brady's TB12, CNBC reports. The same month, Brady agreed to a two-year, $50 million contract with the Tampa Bay Buccaneers. In April, the Massachusetts-based company announced it was expanding to Tampa, New York, and Los Angeles. TB12 sells clothing, nutritional supplements, and workout equipment.
PPP loans are guaranteed by the Small Business Administration but come from third-party lenders. If the borrower shows that the money helped preserve jobs, the loan can be forgiven, per the Washington Post. There was no indication of the number of TB12 jobs saved by the federal money. PPP checks of at least $150,000 have gone to more than 500 sports companies, per the Sports Business Journal. The Los Angeles Lakers got a $4.6 million loan but sent it back when the federal fund ran dry. (The list of PPP recipients included billionaires.)