Do you know that there are some popular American celebrities that got the PPP loan in December 2021? If you don’t know then, this informative article is for you because I will explain all the necessary information that you need to know about the popular American celebrities that got the PPP loan in December 2021.
What does PPP Loan Mean?
Let’s start with the meaning of PPP loan
Do you know the meaning of PDP loan in the United States, well if you don’t know PPP means Paycheck Protection Program provided by the United States federal government during the pandemic in 2020.
During the Coronavirus pandemic in 2020, a lot of people including celebrity politicians and others were affected because everyone was locked up in their home and there was no opportunity to go to work. Other business activities were shut down. Business men and celebrities could not carry out their daily activities like before.
As a result of the coronavirus pandemic, thousands of people especially in the United States and other countries of the world lost their livelihood, including the rich people with good earnings who were affected financially.
The United States government launched The PPP loan program with a huge budget of $ 953 billion. It is designed to provide for Americans including Business, self-employed, Non-profit organizations (certain), sole proprietors and other prescribed businesses under the Coronavirus Aid relief and economic- security Act.
Business owners in the United States can borrow money to cover payroll and other obligations through the Paycheck Protection Program. A PPP loan is approximately 2.5 times the applicant’s average monthly payroll cost.
Now let’s go to the major purpose of creating this informative article: the complete list of American celebrities and public figures that get the PPP loan in December 2021.
The major purpose of the PPP loan by the United States government is to ensure that small independent businesses get enough financial
support to live through the Covid-19 pandemic. Likewise to support people or workers struggling in those adverse situations.
There are several forgiveness of debt by the United States government which is considered taxable income, but not the forgiveness of a PPP loan.
Popular American rapper Kanye West is also one of the beneficiaries of the PPP loan from the United States government. The popular rapper gets the people known for his clothing and sneaker brand, Yeezy, receiving a loan of between $2 million and $5 million. The sum is negligible compared with Yeezy’s brand value, which Bloomberg estimates to be at least $3 billion. Last year, the West-owned company generated $1.3 billion in revenue.
As of mid-February, before the pandemic hit, Yeezy employed 106 people, making it eligible to apply for the PPP program, which was available for companies with 500 or fewer employees.
Popular reality star, Khloe Kardashian, who is also a former sister-in-law to Kanye West, also got the PPP loan from the United States government in December 2021, which according to Money magazine is worth $40 million, was also a beneficiary of the PPP program. The popular reality star’s clothing
brand, Good American, received a loan of between $1 million and $2 million.
Popular American rapper Jay-Z together with Malibu Entertainment, a company connected to Jay- Z’s Tidal streaming service, was approved for a PPP loan of between $2 million and $5 million. A source familiar with the funding told Variety that the company received $2.1 million.
Malibu Entertainment doesn’t list Jay-Z as the direct owner or executive. But in the past , several legal documents reveal that the company had the same former addresses as Tidal and another Jay-Z- owned company, Roc Nation. Several Tidal employees say their paychecks also come from Malibu Entertainment, according to Variety.
Popular American actress and Oscar-winner’s clothing brand Draper James also received a
federal loan of between $350,000 and $1 million. The company employed 44 people before the pandemic.
Author of “Rich Dad, Poor Dad” Series Robert Kiyosaki
One of the most popular and best-selling personal finance author, Robert kiyosaki, an avid
investor, won a loan between $350,000 and $1 million for his business, Rich Dad Operating Co., which employs 11 people.
The PPP loan approval came as a big surprise, because Kiyosaki has been a vocal critic of the federal stimulus plan all along. He called the PPP program “socialism for the rich” in a tweet on April 2, a day before the PPP application opened.
Jeff Koons is also one of the popular American celebrities that got the people below from the United States government in December 2021. Even though he became the world’s most valuable living artist last year after his “Rabbit” sculpture fetched a record $91 million at an auction in New York. But apparently, his studio, which employs 53 people, found itself tight on cash when the lockdown struck. The studio was approved for a loan of $1 million to $2 million.
Grunge rock band Pearl Jam’s touring company is also one of the popular American companies that receive the PPP loan from the United States government, the loan is between $350,000 to $1 million to help keep its 28 employees on payroll. A number of other touring musicians, including Weezer, The Eagles, Guns N’ Roses and Green Day, were also approved for PPP loans, according to Rolling Stone .
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