Small bank used financial tech to distribute coronavirus PPP loans
Cross River Bank president and CEO Gilles Gade says being technology-driven helped his bank quickly get loans to businesses who needed it following the coronavirus outbreak.
Businesses owned by NFL superstar Tom Brady and boxer Floyd Mayweather received loans through the federal government’s Paycheck Protection Program, according to data released Monday by the U.S. Small Business Administration.
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Brady’s fitness brand, TB12 Inc., received loans of between $350,000 and $1 million, according to the data. TB12 Performance & Recovery Centers in Boston and Foxboro, Massachusetts were forced to shut down in mid-March during the coronavirus pandemic.
THESE BILLIONAIRE-BACKED BUSINESSES RECEIVED PPP LOANS
Aside from the fitness centers, TB12 offers virtual training services and an online store that sells a variety of health-related substances. Brady founded the brand in 2013 and is expected to open a facility in Florida, after signing a two-year, $50 million with the Tampa Bay Buccaneers.
TB12 representatives did not immediately respond to a request for comment.
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Las Vegas-based Mayweather Promotions also received a loan of between $350,000 and $1 million. Founded in 2007, the promotional firm’s clients include boxers Badou Jack and Gervonta Davis.
Mayweather is one of the world’s highest-paid athletes, earning $915 million from 2010 to 2017, according to Forbes. Mayweather promotions did not immediately return a request for comment.
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More than 4.9 million small businesses received roughly $521 billion in aid through PPP, an assistance fund meant to help companies weather financial difficulties during the pandemic. The loans are forgivable as long as 60 percent of the money was used to maintain payroll.
Brady and Mayweather were among several sports figures and organizations to apply for PPP assistance in recent weeks. Applicants include several teams in Major League Soccer and NASCAR, U.S. Olympics sports organizations and multiple boxing firms, including legendary promoter Bob Arum’s Top Rank.
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