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The children of U.S. Sen. Ron Johnson own a minority interest in Maxair, Inc. which received a Paycheck Protection Program loan — but the loan was secured before they invested in the company, according to a statement from Johnson’s office to Wisconsin Watch.
According to ProPublica, the charter company received $125,000 from the PPP program, created to encourage retention of employees during the pandemic. Johnson’s children obtained a minority interest in Maxair in September 2020 — after it received PPP money, Johnson spokeswoman Corinne Day said.
Johnson’s children’s investment company has a non-controlling interest in Maxair, Day said. That means they own less than 50% of the company’s shares and do not have unilateral decision-making power.
“Senator Johnson had no knowledge of the PPP loan and has no financial interest in either Maxair or his children’s investment company,” Day said.
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DocumentCloud: Sen. Johnson’s Office statement
Investopedia: Non-Controlling Interest
ProPublica: Tracking PPP