You may be heard of this term PPP loans but you don’t know what it is then don’t worry we’ve got you. To understand the concept of PPP loans you have to go through this whole article first of all let’s what is a PPP loan?
What is a PPP loan?
The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help certain businesses, self-employed workers, sole proprietors, certain nonprofit organizations, and tribal businesses continue paying their workers.
After the US government Passed out the Paycheck Protection Program (PPP) with the original goal to save the small businesses and companies that have been in troubled industries during this time of need.
But Somehow as expected though many businesses owned by the big names, celebrities, Hollywood stars & most of all members of the Kardashian clan, applied for PPP aid and got approved.
After revising the loan amount, again and again, Now to this date, the program has $520 billion for nearly five million businesses around the USA. Also as reported by private reporters dozens of more publicly traded companies have been approved for the PPP loans.
Which celebrities got PPP loans?
So, what do you think which celebrities got the loan (who were approved for more than $150,000), We will provide you with the most interesting list you find on the internet.
Let’s start with the list,
Khloe Kardashian whose net worth according to Money magazine is worth $40 million, is the beneficiary of the PPP program.
For an introduction, she is Kanye West’s sister-in-law, Owner of The reality star’s clothing brand, Good American has received loans of $1 million and $2 million.
The owner of Yeezy’s clothing and sneaker brand Kanye West is a famous rapper who received a PPP loan of the amount between $2 million and $5 million. Although this seems a big amount it seems very small when compared to Yeezy’s valuation that is at least $3 billion this amount seems very small. His company also generated 1.3$ billion dollars in revenue.
Another celebrity rapper Jay-Z owns Malibu Entertainment who got a PPP loan of $2 million and $5 million.
Although Jay-Z is not a direct owner. Isn’t it interesting?
If you know about the artists you surely heard about him Jeff Koons became the world’s most valuable living artist last year when his artwork “Rabbit” Sold for a record-breaking $91 million at a new york auction.
But his studio which has 53 people was approved with a PPP loan amount of $1 million to $2 million.
The very inspiration of entrepreneurs is the best-selling personal finance author, Robert Kiyosaki also got a PPP loan of the amount and $1 million for his business, Rich Dad Operating Co. Which at the time of writing this article has 11 employes in it.
Pearl jam Owner of Grunge rock band also owns a touring company that got a PPP loan of $350,000 to $1 million this loan also includes paychecks for his 28 employees. Other musicians like the Eagles, Guns N’ Roses, and Green Day were also got the loan amount.
The last person on our list is an Actress who owns the Oscar-winner’s clothing brand Draper James which also received a loan amount of $350,000 and $1 million. This company currently has 44 working employees.
So this will be the end of this list but don’t worry we got more interesting news be sure to subscribe to our newsletter in the comments section.