Some of the wealthiest celebrities were reportedly taking advantage of Payment Protection Program (PPP) loans offered by the US government to help desperate businesses hit hard by the COVID-19 pandemic.
The pandemic wreaked havoc among working-class citizens and forced millions of businesses around the world to shut down. However, recent findings suggest that wealthy celebrities have taken out PPP loans despite their wealth, according to the Daily Mail. Some of the celebrities reported included Tom Brady, Khloe Kardashian, Reese Witherspoon, Kanye West and Nancy Pelosi’s husband Paul, according to the Daily Mail.
Celebrities like 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 clothing company Yeezy LLC has reportedly borrowed $2,363,585, with a whopping $1,772,689 of that money going to payroll 106 employees, according to the Daily Mail.
Good American LLC, Khloe Kardashian’s denim brand, was reportedly approved for a $1,245,405 loan in April 2020 and provided 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 the Daily Mail. His top-grossing company, Malibu Entertainment, is affiliated with its multi-million dollar streaming platform Tidal and received $2,106,398 in loans that were reportedly used to secure 95 employees during the pandemic. That loan was also forgiven in full, the outlet reported. (RELATED: ‘Love And Hip Hop: Atlanta’ star used $2 million PPP loan to buy diamond jewelry and a Rolex, Fed claims)
It’s wild that these mega-rich celebs took advantage of the PPP scheme designed to help small businesses during Covid. Good to see they got the loan amount forgiven, what a damn joke! I’m done with the double standard #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 billionaire ever to emerge from the NFL, and his healthcare company TB12 was reportedly paid $960,855 to help sustain 80 jobs within the organization. His loan was forgiven in full, as was interest, which was estimated at $12,000, according to the Daily Mail.
Reese Witherspoon’s apparel company, Draper James LLC, was reportedly granted a $975,472 PPP loan that was also fully forgiven, Daily Mail reported.