BUFFALO, NY (WKBW) — Despite a net worth of $5.7 billion, Terrence M. Pegula received stimulus money during the pandemic that was intended to help households that needed it most, according to a report by ProPublica.
The Economic Impact Payments were part of the $2.2 trillion CARES Act aid package, for individuals with adjusted gross incomes up to $75,000, or married couples filing joint returns with adjusted gross incomes up to $150,000.
More than 150 million households received checks under the legislation. People with incomes over $99,000 were not eligible.
“We believe we should put working people, families and average Americans above anyone else,” Senator Chuck Schumer said of the CARES bill before it was passed.
The report found that the owner of Buffalo Bills and Sabers was one of 18 billionaires who managed to receive the aid, in part through tax write-offs and deductions.
Pegula wasn’t the only billionaire sports franchise owner to receive a stimulus check. Minnesota Timberwolves owner Glen Taylor reportedly also received payments.
Pegula is number 188 on the Forbes list of richest people in America.