Some of the wealthiest celebrities reportedly took advantage of the Payment Protection Program (PPP) loans offered by the U.S. government designed to aid desperate businesses hard-hit by the COVID-19 pandemic.
The pandemic wreaked havoc on working-class citizens and forced millions of businesses around the globe to close, yet recent findings indicate that wealthy celebrities took advantage of PPP loans in spite of their wealth, according to the Daily Mail. Some of the reported celebrities included Tom Brady, Khloe Kardashian, Reese Witherspoon, Kanye West and Nancy Pelosi’s husband Paul, according to Daily Mail.
Celebrities including Kanye West, Jay-Z and Khloe Kardashian received millions in government PPP (Payment Protection Program) loans, set up for desperate businesses hit by the Covid pandemic | Daily Mail Online https://t.co/6tEfO87ow6
— URBAN POP FAN (@UrbanPopFan) August 17, 2022
Kanye West’s apparel company, Yeezy LLC, reportedly borrowed $2,363,585, with a whopping $1,772,689 of that money having gone to payroll for 106 staff members, according to Daily Mail.
Good American LLC, Khloe Kardashian’s denim brand, was reportedly approved for a $1,245,405 loan in April 2020 and dedicated the funds to pay 57 workers, the Daily Mail reported. The entire loan amount, plus interest, was forgiven by the government, according to the outlet.
Jay-Z was approved for PPP loans for two of his firms in 2020, according to Daily Mail. His top earning corporation, Malibu Entertainment is linked to his multi-million dollar streaming platform, Tidal, and received $2,106,398 in loans which was reportedly put toward securing 95 employees during the pandemic. This loan was also forgiven in its entirety, the outlet reported. (RELATED: ‘Love And Hip Hop: Atlanta’ Star Used $2 Million PPP Loan To Buy Diamond Jewelry And A Rolex, Feds Claim)
This is wild these mega wealthy celebs took advantage of the PPP program that was intended to help small businesses during covid. Good to see their loan amount forgiven what a fcking joke! I’m done with the double standards #Trending #celebrity #WealthSecrets #covid #ppp pic.twitter.com/No80cOKgEl
— Web3 Surfer© 🏄♂️ (@SurferofWeb3) August 17, 2022
Football legend Tom Brady is poised to become the first-ever billionaire to have ever emerged from the NFL, and his well-being corporation, TB12, reportedly received $960,855 in an effort to secure 80 jobs within the organization. His loan was entirely forgiven as was the interest that was estimated to have been in the range of $12,000, according to Daily Mail.
Reese Witherspoon’s clothing company, Draper James LLC, was reportedly issued a $975,472 PPP loan that was also completely forgiven, Daily Mail reported.