Celebrities, including Jay-Z, Kanye West and Reese Witherspoon, reportedly received millions in government PPP loans, but in most cases the loans have been forgiven.
AceShowbiz -“The rich is getting richer” seemingly will never die. Multiple billionaires, including wealthy celebrities, have been revealed to have received millions in PPP (Payment Protection Program) loans and most of them didn’t have to pay back.
According to a report by Daily Mail, Jay-Z, Kanye West, Sean “P. Diddy” Combs, Khloe Kardashian and Reese Witherspoon are among those benefitting from the government program, set up for desperate businesses hit by the COVID-19 pandemic. The site has now revealed the amounts that each of these celebrities’ companies have received.
Kanye’s Yeezy LLC allegedly borrowed $2,363,585, with $1,772,689 being spent on payroll for 106 staff. The status of Yeezy’s loan is currently undisclosed. Meanwhile, Diddy’s cable network Revolt Media and TV LLC is unveiled to have received $1,929,252 for 134 jobs, which has been forgiven.
Diddy is currently among the highest-paid celebrities in the world with $900 million net worth. Jay-Z, whose net worth is estimated at $1.3 million, is associated with two firms approved for a loan two years ago. His streaming platform Tidal is believed to have taken $2,106,398 to secure 95 jobs and was let off of repaying the full amount.
Khloe’s denim brand Good American LLC additionally had a loan of $1,245,405 approved on April 14, 2020, mostly for the payroll of 57 workers. The full amount, plus interest, was forgiven as well.
Reese’s clothing company Draper James LLC was given $975,472 in the first PPP round for payroll and rent, and had the loan wiped out. Nancy Pelosi’s husband Paul Pelosi and Tom Brady reportedly also had their PPP loans, amounting at $1,709,100 and $960,855 respectively, forgiven.
But that’s not even the biggest surprise as Donald Trump‘s son-in-law Jared Kushner is said to have received $3,001,119 to save his family’s businesses, newspaper publisher Observer Holdings, LLC and Princeton Forrestal, LLC, and didn’t have to pay back.
The revelation has drawn mixed response from social media users. While some people understood that these celebrities have businesses that need to stay afloat, others complained that these wealthy celebrities have been spared from paying their loans.
“And I couldn’t even get one,” one social media user reacted to the news. A second person remarked, “That’s how the rich stay richer.” A third was equally disappointed as writing, “I’m disgusted, life can be so unfair sometimes. Meanwhile they won’t even forgive our student loans smd.”
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