Dr. Phil Companies Received Up To $7M In PPP Loans While Son Buys $10M House
Fox Business reports that Dr. Phil’s production companies together received between $4 million and $7 million dollars in COVID-19 government aid loans through the Paycheck Protection Program. Some controversy has arisen because his youngest son paid $10 million in cash for a house in Beverly Hills.
- Phillip McGraw runs Stage 29 Productions and Peteski Productions. Stage 29 produces shows such as the eponymous Dr. Phil and DailyMailTV.
- According to information released by the Small Business Administration on July 6, each production company received loans valued at between $1 million and $2 million and $3 million and $5 million respectively.
- Also on July 6, Variety reported that McGraw’s youngest son Jordan—an aspiring rock star who is engaged to reality-TV star and E! host Morgan Stewart—had purchased a Beverly Hills house for $10 million in cash.
- Fox Business explains that although “There is no link whatsoever between the loans and the home purchase,” some “TV sources pondered why the family needed to ask for the government handout.”
- “Sources close to” Dr. Phil emphasized to Fox Business that the companies applied for the loans in order to protect employees and that the money had no connection to Jordan McGraw’s house.
- Dr. Phil declined to comment to Fox Business.