“Utterly SHAMEFUL”: Tom Brady is part of millionaire group that MISUSED Government funds to finance his yacht
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Tom Brady
Tom Brady finds himself in the midst of yet another controversy, this time the quarterback has not only defrauded the United States Government by taking undue advantage of the PPP loan forgiveness scheme or the Paycheck Protection Program that was introduced by the Trump administration in order to help struggling small business owners at the peak of the COVID pandemic but he can also credit himself with killing numerous businesses that desperately needed that loan amount to be written off.
Tom Brady is not the only prominent name on the list, Jay Z, Ice Cube, Kanye West, the Kardashian sisters, Rep Marjorie Taylor Greene, and even the Catholic Church have done the same. All of them misused the scheme and saved themselves from nearly half a billion dollars worth of liabilities that would have stemmed from repaying these loans. Former treasury chief Steve Mnuchin who was “handing out” these benefits also misused the scheme himself.
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Tom Brady used the loan amount to buy a luxurious 40-foot-yacht:
Tom Brady is worth $250 million, he has earned a lot of money in his professional career, and is extremely well-off financially, the revenue he generates just from his endorsement contracts and other ventures would exceed the loan amount that he has taken. Brady reportedly took $960,000 under the Paycheck Protection Program, he did not personally take the loan but under the name of his company, TB12 INC. which is registered in Foxboro. The quarterback around this time proceeded to purchase a massive 40-foot-boat that was custom-made for him.
He named the boat ‘Viva a Vida‘, after his wife Gisele Bundchen’s environmental conservation initiative. Brady spent millions on this boat and one cannot help but think that the loan amount went towards financing his lavish and luxurious lifestyle. The issue with this is that Tom did not need the loan, nearly 52% of small businesses that applied for forgiveness under the scheme were rejected, they all deserved this and needed that shot in the arm as they do not have access to that NFL money or resources that the celebrities on this list have.
Brady is worth a quarter of a billion dollars, his wife Gisele herself is worth almost $400 million, there is no possibility that a business named and handled by the GOAT himself was struggling financially and Tom could not shell out a million dollars to help aid it. The timing of this is what makes it worse, Brady along with the other notable names were all perfectly built to weather this storm, speaking from a financial aspect, small businesses across the nation were at their lowest as they could not operate, which meant no revenue and this just meant the interest on their loans would stack up and skyrocket. The immediate move of buying a boat does not help the QB’s case either.
Sure, it can be argued that Tom Brady did what every rich businessman with a cunning brain would have done, maybe it was not his idea at all to take benefits under the scheme but there is no scenario where he was unaware of his namesake company applying and being granted such a massive loan. For a figure such as himself who is publicly respected and looked upon by millions globally, this incident leaves a bad mark on his reputation. The fact that some of the richest celebrities in the world had their loans granted while the common man struggled to get their approvals makes the entire PPP scheme a bigger criminal scandal and something that needs to be looked into with extreme seriousness.
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Sumedh Joshi
(2317 Articles Published)