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Do the children of Wisconsin US Sen. Ron Johnson own a share of a private jet company that received a PPP loan? [1]

['Erin Gretzinger', 'Wisconsin Watch', 'More Erin Gretzinger', 'Reporting Intern']

Date: 2023-02-20 19:38:57+00:00

Reading Time: < 1 minute

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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 Corrine 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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If we send you a request to change or remove Wisconsin Watch content from your site, you must agree to do so immediately. You are welcome to republish our articles forusing the following ground rules. For questions regarding republishing rules please contact Andy Hall, executive director, at [email protected] Do the children of Wisconsin US Sen. Ron Johnson own a share of a private jet company that received a PPP loan? <h1>Do the children of Wisconsin US Sen. Ron Johnson own a share of a private jet company that received a PPP loan?</h1> by Erin Gretzinger / Wisconsin Watch, Wisconsin Watch February 20, 2023 <h2>Yes. </h2> 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 Corrine 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 <a href="https://twitter.com/terry_jepson/status/1622408690358796288" target="_blank" rel="noreferrer noopener">this one</a>. Sources DocumentCloud: <a href="https://s3.documentcloud.org/documents/23684866/sen-johnsons-office-statement.pdf" target="_blank" rel="noreferrer noopener">Sen. Johnson's Office statement</a> Investopedia: <a href="https://www.investopedia.com/terms/n/noncontrolling_interest.asp#:~:text=Key%20Takeaways-,A%20non%2Dcontrolling%20interest%2C%20also%20known%20as%20a%20minority%20interest,decisions%20or%20votes%20by%20themselves." target="_blank" rel="noreferrer noopener">Non-Controlling Interest</a> ProPublica: <a href="https://projects.propublica.org/coronavirus/bailouts/loans/maxair-inc-5054657010" target="_blank" rel="noreferrer noopener">Tracking PPP</a> This <a target="_blank" href="https://wisconsinwatch.org/2023/02/do-the-children-of-wisconsin-us-sen-ron-johnson-own-a-share-of-a-private-jet-company-that-received-a-ppp-loan/">article</a> first appeared on <a target="_blank" href="https://wisconsinwatch.org">Wisconsin Watch</a> and is republished here under a Creative Commons license.<img src="https://i0.wp.com/wisconsinwatch.org/wp-content/uploads/2021/02/cropped-WCIJ_IconOnly_FullColor_RGB-1.png?fit=150%2C150&quality=100&ssl=1" style="width:1em;height:1em;margin-left:10px;"><img id="republication-tracker-tool-source" src="https://wisconsinwatch.org/?republication-pixel=true&post=1276907&ga=UA-17896820-1" style="width:1px;height:1px;">

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