It turns out that Jay-Z, Kanye West, Diddy, and other celebrities have millions of dollars in PPP loans forgiven. According to reports, these celebrities were loaned some huge money to cushion their businesses in the wake and heat of the COVID-19 pandemic but those loans were written off.
Vlad has more;
Some notable celebrities including Khloé Kardashian, Diddy, Kanye West, and Jay-Z were among those whose companies were given PPP loans at the start of the pandemic like many other business owners. However, it is being reported that these celebrity A-listers were absolved of paying back the the loan in full.
The DailyMail.com published their findings which revealed the loan amount and the status of the loan now: forgiven or unknown. According to the DailyMail, “Kanye West’s Yeezy LLC, based in La Palma, California, borrowed $2,363,585, with $1,772,689 being spent on payroll for 106 staff” while Jay-Z, who is “associated to two firms approved for a loan two years ago. Malibu Entertainment is linked to his streaming platform Tidal and took $2,106,398 to secure 95 jobs and was let off of repaying the full amount.”
The publication also found Diddy’s “Revolt Media and TV LLC, took $1,929,252 for 134 jobs, which was forgiven.”
Other celebs such as Tom Brady, Khloé Kardashian, Reese Witherspoon, and Jared Kushner (among others) all had PPP loans forgiven. As the old adage states, “it pays to be rich.”
Meanwhile, Biden says he is going after the scammers for life.
President Joe Biden signed a pair of bills Friday that will give the Justice Department more time to investigate and prosecute people accused of fraudulently collecting government payments aimed at helping small businesses during the COVID-19 pandemic
The bills, which recently passed Congress with vast bipartisan support, establish 10-year statutes of limitations for criminal charges and civil enforcement
In October 2020, the Small Business Administration’s Office of Inspector General identified $78.1 billion in potentially fraudulent EIDL loans and grants paid to ineligible entities and another $6.7 billion in loans and grants linked to alleged identity theft
And last year, the agency watchdog identified more than 70,000 PPP loans totaling over $4.6 billion that were potentially fraudulent.
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