BUFFALO, N.Y. (WKBW) — Despite a net worth of $5.7 billion, Terrence M. Pegula received stimulus money during the pandemic intended to help households that needed it the most, according to a report by ProPublica.
The Economic Impact Payments were part of the $2.2 trillion CARES Act relief package, for individuals who had an adjusted gross income up to $75,000, or married couples filing a joint return with adjusted gross income up to $150,000.
More than 150 million households received checks under the legislation. People with incomes above $99,000 were not eligible.
"We believe we have to put working people, families, average Americans ahead of anybody else," said Sen. Chuck Schumer about the CARES Act ahead of its passage.
The report found the Buffalo Bills and Sabres owner was one of 18 billionaires that 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 received payments as well.
Pegula sits at #188 on the Forbes list of richest people in America.