Kanye West, Jay-Z, Diddy, Khloe Kardashian & A Handful Of A-List Celebrities Received Millions In PPP Loans

August 22, 2022 by Monique Nicole in Uncategorized with 0 Comments

Kanye West, Jay-Z, Diddy, Khloe Kardashian & A Handful Of A-List Celebrities Received Millions In PPP Loans

It looks like celebrities and their businesses had no problem receiving a PPP loan!

According to reports, the companies of mega-rich celebrities, including billionaires Kanye West and Jay-Z, received millions in government PPP (Payment Protection Program) loans. In almost every case, the A-listers businesses have been ‘forgiven’ and let off the hook for paying back the full amount despite the owners being multi-millionaires!

According to a survey, it was claimed that after the first round of PPP loans, up to 90% of ethnic minority business owners were unsuccessful at getting the loan and were at the ‘end of a line’. It also showed a disproportionate amount of white people in rich areas being approved for a loan. While many had issues being approved, surprisingly, celebs and their businesses had no problems.

Kanye West’s Yeezy LLC, based in La Palma, California, reportedly borrowed $2,363,585, with $1,772,689 being spent on payroll for 106 staff. ProPublica, which has published the amount and status of every federal loan, states that Yeezy’s loan status is ‘not disclosed.’ Yeezy’s Adidas sneaker brand saw a 31% increase in their profits during the pandemic from $1.3 billion in 2020 to $1.7 billion in 2021.

Kanye West

A subsidiary, Yeezy Schloss LLC, borrowed $15,625 for one employee and was forgiven all but $147.

Reportedly, a loan will be forgiven, including the one percent interest, through a complicated calculation based on the amount, how many employees were maintained during the coronavirus crisis and on what hours/wages were compared to pre-covid. The ‘Flashing Lights’ rapper has a net worth of about $2 billion.

Kanye’s former sister-in-law Khloe Kardashian’s denim brand Good American LLC had a loan of $1,245,405 approved on April 14, 2020, mostly for the payroll of 57 workers. The full amount, plus interest, was reportedly forgiven. The company is said to be worth $12.7 million and made $1million in sales on its first day of business in 2016. The reality tv star has a reported net worth of $60 million.

Khloe Kardashian

Jay-Z is associated with two firms that were 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 of the loan. This may come as a surprise to many being that the ‘Empire State of Mind’ rapper has a net worth of $1.3 billion!

His champagne brand Armand De Brignac – where he holds a 50 percent stake – borrowed $293,119 for payroll, which was fully disbursed. It is not stated if the loan was paid back.

Jay-Z

Sean ‘Diddy’ Combs’ cable network, Revolt Media and TV LLC, took $1,929,252 for 134 jobs, which was forgiven. While Diddy is not a nillionaire just yet, the rapper turned mogul isn’t too far behind with a net worth of $900 million.

Sean ‘Diddy’ Combs

Other A-Listers who had PPP loans forgiven include: Reese Witherspoon, Jared Kushner, Paul Pelosi, and Tom Brady!

Earlier this month, President Joe Biden signed a bill that will give the Justice Department more time to investigate and prosecute those who fraudulently collected PPP loans.

In March, Biden vowed,