Tom Brady’s Business Could Be Struggling More Than He Admits
Average Americans were not the only ones seeking financial relief during the coronavirus pandemic. As the government set up funds meant to help out small businesses, several celebrities took advantage of the opportunity by getting the funds into their businesses. Among these celebrities was Tom Brady, whose TB12 received up to $1 million in funding from the Paycheck Protection Program. This has people wondering whether his business is struggling or not.
What is TB12?
When somebody hears the words TB12, they automatically assume it’s about Tom Brady, the person. After all, it has been his nickname for most of his career, and he had to take creative measures to retain this nickname when he made a move to Tampa earlier this year. TB12 is all about health and wellness. In their description on CrunchBase, they speak about the company’s advantages.
TB12 is transforming global health and wellness by empowering athletes to prevent injury, improve longevity, and raise their peak performance. Inspired by the training method of three-time NFL MVP and five-time Super Bowl-winning quarterback Tom Brady, TB12 delivers personalized, comprehensive programming to a worldwide audience.
The TB12 Method integrates revolutionary concepts in deep-force muscle pliability work, hydration, nutrition, no-load strength & conditioning, and cognitive performance training.
While the company’s focus claims to be on health and wellness, fans of the quarterback can also go to their website at TB12Sports.com and purchase gear featuring Tom Brady’s logo.
The company talks a big game about how revolutionary their methodology is, and they offer several supplements and workouts aimed at giving consumers hope at reaching peak physical condition. However, for a company that claims to be revolutionary, they might be reaching tough times, as they gladly took a hefty loan to offset possible damages done by the global pandemic.
The PPP was meant to help smaller, local businesses stay afloat. While the online world can make these companies reach far beyond the walls of their home bases, the idea behind it was to help restaurants, stores, and other businesses that cannot get the same financial flow that they might in normal circumstances. Several small companies struggled to pay employee paychecks through the pandemic, and PPP offered a means to keep them afloat while this happened.
TB12 was already in hot water after promoting their products’ healing abilities during a pandemic, and the veracity of its other claims has often come under scrutiny. However, the biggest controversy behind the TB12 loan had to do with the finances. Tom Brady and his partner Gisele Bundchen are worth a combined $600 million, and the quarterback just signed a $50 million deal with his new team.
Why did they need a handout of anywhere from $150,000 to a million to stay afloat when that type of money could have helped multiple businesses whose owners are not world-famous millionaires?
Did Tom Brady need it?
Technically, Tom Brady’s company did nothing wrong. Also, it should be noted that while he is a founder and executive of the company, he likely has other people making business decisions. However, in an economy where some people got their PPP loans rejected, seeing people who can afford to keep their businesses afloat can set a bad precedent not only for their image but for the loans themselves.
Tom Brady’s acceptance of the loan, whether he knew about it or not, paints a picture that says celebrity athletes are more likely to get help than actual small business owners do. If the company is struggling, its owners can afford to pump more into it without relying on taxpayer money. Therein lies the problem with this entire situation.