celebrity
America’s Wealthiest’s Forgiven PPP Loans From Kanye West To Khloe Kardashian Revealed
Millions and millions of dollars.
In a shocking revelation, Americans now know how much celebrities and rich business owners were paid by the government to keep their businesses afloat and employees paid. From Kanye West to the husband of Nancy Pelosi, the numbers are staggering. What’s even more shocking is the fact that they’re forgiven completely, meaning they don’t have to pay a cent back.
Most of these individuals are also A-listers, known for their lavish lifestyles.
This shocking revelation has people criticizing the loan program that cost US taxpayers $953 billion. The University of Texas had previously predicted that around 15% of the number – about $76 billion – was fraudulent. Business owners, particularly those of ethnic minorities, also found themselves unsuccessful at getting a loan after the first round, according to a survey by the Associate Press.
Rich, white people’s businesses had experienced the exact opposite: Reese Witherspoon had taken out $975,472 for Draper James LLC., and it’s been forgiven.
So far, only Kanye’s West Yeezy LLC, based in La Palma, California, and Jay-Z’s streaming service Tidal LLC whose loan status is still unknown. Kanye borrowed $2,363,585 and spent $1,772,689 out of that on his 106 staff payroll.
Owner of the denim fashion shop Good American LLC., Khloe Kardashian, also had her $1,245,405 loan forgiven, mostly for her 57 employees’ payroll. Her net worth is currently at $60 million, and her company is worth $12.7 million. The company also made $1 million in sales on the first day it launched in 2016.
A complex calculation involving how many employees are maintained and the difference in the salary paid before and after the pandemic are the main factors in deciding if a loan can be forgiven.
Tom Brady, whose net worth is at around $150 million, had his $960k loan forgiven.
Sean Comb’s $1.9 million loan for Revolt Media was also forgiven.
On the other hand, the music and movie industry also saw a similar amount being forgiven, mainly because the industry had almost a complete, abrupt shutdown during the pandemic.
Pearl Jam Touring Inc saved 28 jobs with a $629,335 loan which was completely forgiven. Legendary director’s firm Francis Ford Coppola Presents LLC received $7,147,038 as a loan for the wages of his 469 workers and didn’t have to repay them.
Politicians, such as House Speaker Paul Pelosi, husband of Nancy Pelosi, also jumped on the bandwagon. He has 8.1% in EDI Associates, which took two loans for a total of over $1.7 million.
