![]() To that end, while several of the members listed by USA TODAY are wealthy, none have the reported wealth of Trey Hollingsworth. ![]() This is the first reporting, however, about the Hollingsworths. More: Auto dealers, restaurants with ties to lawmakers were among the firms that got PPP loans: Treasury/SBA dataĪ USA TODAY report found there were roughly half a dozen companies that received loans that had a connection to a member of Congress. to support 84 jobs and $225,700 to support 17 jobs with Hollingsworth GP. In his response sent after the story published, Hollingsworth provided the loan applications which show he applied for the two loans: $546,700 for Git N Go Inc. There have been instances of documentation errors where the number of employees assisted by loans was not correctly stated, and Hollingsworth originally declined to respond to questions, including whether the records accurately state the number of employees supported by the PPP loans he accepted. The rules require that 60% be used for payroll costs in order to be forgiven.īusinesses did not have to provide the number of employees to be approved for a PPP loan, though the business will have to provide that information to earn forgiveness on a loan. The loans are forgiven if they are used for payroll, rent, utility costs or mortgage interest. Under the program, businesses with 500 or fewer workers were eligible for loans up to $10 million. The Paycheck Protection Program was passed by Congress earlier this year as part of the CARES Act to buoy millions of businesses across the country as many shut down in the early days of the COVID-19 pandemic. He resigned from the company at the end of 2016 after he was elected, the records show. Information about Hollingsworth GP was not readily available, but Trey reported earning $32,000 from the company in 2016, according to campaign filing records. ![]() More recently, the Joe Hollingsworth became one of the partners in the $45 million Grassy Creek development in northwest Knoxville.Īnother Hollingsworth company, listed only as Hollingsworth GP, was awarded $225,700 to support 17 jobs. The congressman's stake in Hollingsworth Capital Partners was worth $5-25 million in 2020 and he reported earning $100,000-1 million this year, almost entirely in rent, according to congressional financial disclosure records. Trey Hollingsworth, also operate Hollingsworth Capital Partners, which refurbishes old, often abandoned factories and industrial buildings, according to the Hollingsworth Companies' website. He is CEO of The Hollingsworth Companies based in Clinton, which bills itself as an umbrella corporation over privately controlled and developed businesses across the Southeast and world. Git N Go is just a portion of Hollingsworth’s business portfolio. The application required businesses to agree to use the money to cover payroll or mortgage, rent and utility costs. Loan recipients were not required to report job numbers in order to receive a loan. Hollingsworth previously did not respond to multiple requests for comment before this report published. The federal government released the names of businesses, the amount received and the number of jobs supported for loans greater than $150,000. ![]() "In fact, we actually raised many employees pay to keep them working when additional federal funds often helped unemployment look more financially attractive." "Those funds helped keep people employed, which was the entire reason Congress created the PPP," he continued. "It allowed us to keep out stores open, operating, and staffed 24/7, even when visits and sales plummeted. That amount for that many jobs averages out to $6,508 per position, which is fairly modest," he wrote in a letter to Knox News. "(T)he application shows the money is to help protect 84 jobs, not just one. The money was to support 84 jobs, it shows. However, after this report was published, Hollingsworth provided Knox News a copy of the application. According to a federal government database, only one job was helped with the money. Joe Hollingsworth Jr.’s Git N Go Inc., which operates four convenience stations by the same name, was awarded $546,700 in April. Editor’s note: This story has been updated with comment from Joe Hollingsworth.Īn East Tennessee businessman whose wealth helped pay for his son's successful run for Congress in 2016 accepted more than $500,000 in federal emergency loans from the Paycheck Protection Program earlier this year. ![]()
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