Rich celebrities like Reese Witherspoon, Khloe Kardashian, Jay-Z, and rock bands Pearl Jam and Green Day have taken advantage of government-issued Payroll Protection Program (PPP) loans granted during the height of the coronavirus pandemic. Pardoned by Uncle Sam, according to a new report Daily mail.
As a result, taxpayers will pay millions of dollars in bills that celebrity-related businesses don’t have to pay.
Reese Witherspoon’s clothing company, Draper James LLC, received $975,472 in the first round of PPP for wages and rent. All debt was reportedly forgiven. legal blonde The condition of the star is estimated at $ 400 million.
Rapper Jay-Z is linked to two companies that got a loan two years ago. Malibu Entertainment tied up with streaming platform Tidal and received $2,106,398 to hold 95 jobs. It was reported that the debt amount was completely erased.
Jay-Z is worth more than $1 billion.
Champagne brand Armand De Brignac Holdings, of which he owns 50 percent, borrowed $293,119 to pay his salaries and was fully repaid. It is not yet clear whether the debt has been paid or not.
Sean Combs, also known as Puff Daddy or simply Diddy, saw his cable network Revolt Media and TV LLC make $1,929,252 from 134 jobs. This debt has been forgiven.
Host Sean “Diddy” Combs takes the stage at the 2022 Billboard Music Awards held at the MGM Grand Garden Arena on May 15, 2022, in Las Vegas, Nevada. (Ethan Miller/Getty Images)
Combs’ net worth is estimated at $900 million.
A $629,335 loan was reportedly forgiven after the touring company of rock band Pearl Jam saved 28 jobs.
Green Day took out three loans between two companies called Green Day Inc. and Green Day Touring Inc. Nearly all of the $452,302 loan for 39 jobs was forgiven.
Reality and fashion star Khloe Kardashian’s denim brand, Good American LLC, took out a $1,245,405 loan, mostly for the salary of 57 workers. It was reported that the entire amount and interest were forgiven.
Other recipients of PPP loans span the political spectrum, including companies affiliated with Jared Kushner; Paul Pelosi, husband of House Speaker Nancy Pelosi (D-CA); Kanye West; and football great Tom Brady. In some cases, the status of their loans is unknown.
Paul Pelosi and Nancy Pelosi on the red carpet of the TIME 100 Gala of Jazz on April 23, 2019 at Lincoln Center in New York. (Dimitrios Kambouris/Getty Images for TIME)
The federal loan program is estimated to cost taxpayers $953 billion. According to a University of Texas study, about 15 percent of PPP claims, or $76 billion, are fraudulent.
Source: Breitbart
