AMERICAN Pickers star Mike Wolfe does not have to pay back the $74,097 PPP loan on his Nashville store, as show ratings decline.
Mike, 57, and his ex-wife Jodi took out a PPP loan, which is a business loan program for relief aid during the coronavirus pandemic, for Antique Archaeology Nashville in the amount of $74,097 on April 27, 2020.
The Celeb Report can exclusively reveal the status of the loan is “forgiven” in the amount of $75,080, which includes interest.
Once the loan is forgiven, the business owner does not have to pay it back.
The entire loan was used for payroll for 10 jobs.
Jodi was a registered agent on a Tennessee business license for Antique Archaeology Nashville, LLC, though she was awarded the store and business in their divorce finalized in December 2021.
DIVORCE PAYOUT
The loan being paid off comes at the perfect time for Mike, as he was forced to pay his ex-wife over $6million in their divorce.
In the divorce settlement filed in court and obtained by The Celeb Report, Mike was ordered to pay Jodi, 50, a total sum of $634,000 in alimony.
The American Pickers star agreed to pay his ex-wife $5,228,878.73 to “provide for the equitable division of the marital estate,” according to the divorce settlement.
Jodi will also receive 50 percent of post-tax royalties earned by Mike for seasons 1-10 of American Pickers for the earning period before December 31, 2021.
The court papers claimed Mike is to receive one payment for the month of December 2021 for his work on Season 10 of American Pickers, as he shall pay her “exactly $28,000.”
As for their 9-year-old daughter Charlie, Jodi is the primary residential parent.
She will have custody of their daughter 230.5 days of the year, while Mike has her in his care for 134.5 days.
Mike was ordered to pay $2,100 a month in child support, and to provide medical and dental insurance to his daughter.
He has since moved on with model Leticia Cline.
SHOW RATINGS PLUMMET
The forgiven loan also comes as his show has declined in ratings.
The Celeb Report previously reported show ratings dropped under 1million viewers for the first time since fan-favorite host Frank Fritz’s firing.
Season 23 of American Pickers premiered on Saturday, January 1 with Mike, new host Robbie, who is the star’s younger brother, and Danielle Colby.
Fan-favorite Frank‘s firing was announced in July 2021 after last appearing on the long-running series in March 2020.
The Saturday, January 15 episode brought in just 859,000 viewers.
This is a drastic decline compared to the Saturday, January 8 episode, where 1,011,000 tuned in.
The premiere had 1,050,000 viewers.
The Season 22 premiere on January 25, 2021 had 1,273,000 people tune in.
Mid Season 22 ratings were also higher, as the July 5 episode had 1,336,000 viewers and the July 19, 2021 episode had 1,322,000 fans watch.
Episodes featuring fan-favorite Frank also had higher ratings, as the March 2, 2020 episode, which was his final show, had 1,282,000 viewers tune in.
The last time ratings dipped under 1 million was days after Mike announced Frank’s firing in July 2021.
The July 26 episode had just 960,000 viewers.
FRANK’S FIRING
The History Channel officially replaced Frank with Mike’s younger brother in cast photos and on the website ahead of Season 23.
Fans have even boycotted the show because of Frank’s firing, as many have dubbed Robbie “boring.”
Frank, 57, last appeared on American Pickers during a March 2020 episode, as he took time off to recover from back surgery.
The original cast member’s firing was announced in July 2021 despite his desire to return to the History show.
