Federal data published this past summer showed that Tom Brady’s lifestyle company TB12, Inc. received somewhere between $350,000 and $1 million in forgivable loans — designed to keep workers on payroll during the COVID-19 pandemic — from the Paycheck Protection Program.
It turns out that the specific amount was much closer to $1 million.
According to new data released this week by the Small Business Administration following a lawsuit by media outlets, TB12 received a total of $960,855 in PPP loans. As made publicly searchable by the watchdog group Accountable.US, the Foxborough-based company received the money through Cambridge Savings Bank on April 15.
Unlike some companies, TB12 did not list the number of jobs it retained because of the loan, which can be entirely forgiven if properly used. The company, which has fitness centers at Gillette Stadium and in Boston, also did not immediately respond to requests for comment Friday afternoon.
Less than a month before TB12 received the loan, Brady signed a two-year contract with the Tampa Bay Buccaneers reportedly worth $50 million, fully guaranteed. Along with his wife Gisele Bündchen, the former New England Patriots quarterback’s net worth has been estimated in the hundreds of millions of dollars.
More than 5 million PPP loans were given out across the country, averaging $101,409, according to the data released this week.
The new data also shows that — both nationally and in Massachusetts — large businesses received a disproportionate amount of the funds, which were primarily designed for smaller firms. As the Washington Post reported, more than half of the money nationally was collected by just 5 percent of the recipients.
A total of $14.27 billion in loans was disbursed to 117,772 different entities in Massachusetts, averaging $121,182 per loan. According to The Boston Globe, 2,382 companies — or just 2 percent of recipients — received more than $1 million each in loans, adding up to more than a third of the relief money awarded in Massachusetts.
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