Rich and Famous Celebrities that Got PPP Loans
When the coronavirus crisis started, the government set up a financial program called PPP to help small companies survive. Unfortunately, there was a lot of cheating involved.
Several wealthy celebrities utilized this program and were granted millions of dollars in loans, some of which were even forgiven without having to be paid back.
Actress and producer Laura Jeanne Reese Witherspoon, known professionally by her family name, has been recognized for her work since she began her career as a teenager. She has earned numerous awards for her outstanding performances.
Reese Witherspoon is well-known for her roles in films like ‘Legally Blonde’, ‘Sweet Home Alabama’ and ‘Cruel Intentions’. Her return as Elle Woods in ‘Legally Blonde 3’ will be released in 2023.
Reese Witherspoon was an early supporter of the Time’s Up movement in 2018. She was also instrumental in creating the ‘Time’s Up’ pins that were worn by celebrities at the Golden Globes last year, demonstrating her commitment to advocating for women and raising awareness about sexual assault.
Kanye West is an extremely successful musician and fashion designer who has won 24 Grammy Awards and sold over 150 million albums. He has also produced songs for many other artists, including Nas, Mariah Carey, and Beyonce.
In the 1990s, he began his career as a producer in Chicago, Illinois. He then moved to New York City, where he made beats for different rap groups. In 2001, he was hired by Jay-Z to produce tracks for his album The Blueprint.
Kanye West’s debut solo album, ‘College Dropout’ (2004), was a success and earned him the nickname ‘King of the Microphone’. His following albums, ‘My Beautiful Dark Twisted Fantasy’ (2010) and ‘Yeezus’ (2013) both received critical recognition.
Yeezy, Kanye West’s clothing and sneaker line, is estimated to be worth more than $3 billion. In 2020, Yeezy generated $1.3 billion in revenue.
Jay-Z is a highly successful rapper and entrepreneur in hip-hop. He has sold over 50 million albums globally and has won numerous awards.
In 1999, Jay-Z launched Rocawear, a clothing company, and founded the 40/40 Club, a luxury sports bar chain. He also owns the record label Roc Nation and the Tidal music streaming service.
He has generously supported many causes, such as the AIDS Foundation, Amnesty International and the Boys and Girls Club of America. Additionally, he has provided assistance to those who have been detained while demonstrating against police brutality in New York City.
Jay-Z is still the highest paid celebrity in hip-hop, despite two of his businesses, Malibu Entertainment and Armand DeBrignac Holdings receiving loan forgiveness. His media company, Roc Nation, and streaming service, Tidal, have had to reduce salaries by 10%-20% due to a loss in revenue.
The federal government created the Paycheck Protection Program during the COVID-19 pandemic to give loans to small businesses and self-employed people. These loans were meant to help them manage the effects of the crisis.
Celebrities, including Chris Harrison – host of ABC’s “The Bachelor” and “Bachelorette” for 19 years – have been arrested on fraud charges after taking out two Paycheck Protection Program (PPP) loans and using them for shopping, dining, and rent payments.
Tayshia Adams, a former star of “The Bachelorette”, used social media to address the controversy surrounding her loan for her business. She clarified what the funds would be used for.
Nick Viall, a former “Bachelorette” star, shared why he chose not to apply for a PPP loan. In a video, he said it wasn’t an ethical choice and that his body had deteriorated due to being stalked.