Having received a stimulus check for his many businesses—including a golf equipment company and Harley-Davidson dealerships—the serial entrepreneur, Bob Parsons, explains his abrupt U-turn by KristinStoller
led Bob Parsons to lay off 25 employees at his exclusive Scottsdale National Golf Club in March, the 69-year-old billionaire applied for a Paycheck Protection Program loan.
Was Parsons concerned about the backlash he would face as a billionaire asking for a federal handout? Maybe a little, he admits. But that was not the driving force for returning the PPP money, he insists. “It seems like we have all that cash, but we don’t,” he says. “We do, if our stocks were doing really good—then we could always borrow against the hedge fund. But when it’s dropping like that, you don’t want to borrow because you may lose it all.
Recently, Parsons started drive-in movie nights at two of his shopping centers to boost business for his restaurant tenants. For the past two weeks, it's been mostly sold out, he says.Since the shutdown started, Parsons says his businesses have collectively lost $500 million in value. But he isn’t too worried.
Parsons says he sometimes goes into his Scottsdale office himself to help out his skeleton crew. “It’s not like nuns in a Catholic school dance, where people are putting yardsticks between people,” he says. “It’s 6 feet [apart], and we wear masks. We have sanitizer all over.”
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