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Yes.
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.
This Fact Brief is responsive to conversations such as this one.
Sources
DocumentCloud: Sen. Johnson’s Office statement
Investopedia: Non-Controlling Interest
ProPublica: Tracking PPP
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