Many celebrities during the COVID-19 pandemic can obtain this Paycheck Protection Program (PPP) loan for their usage or companies.
This list consists of top celebrities, some of whom were pardoned, some had to pay for the loan, and others were punished.
For this article, we listed the celebrities that got PPP loans, the reason for taking the loan, the amount they received, and whether they were forgiven or punished.
The PPP program was introduced during Trump’s administration and was pretty beneficial to many people. Since its inception in March 2020, it was over 2.2 trillion dollars and tagged Coronavirus Aid Relief And Economic Security Act (CARES).
The loan was meant for small businesses and non-profit organizations affected by the pandemic and for companies with 500 or less than employees.
From information gathered, about 522 billion dollars worth was channeled to only 5% of the 5 million applicants, while SBS stated that 87% went to smaller businesses while 28% was for loans below 150 thousand dollars.
The contract also mentioned that if any borrower spent on payroll costs and employees’ compensation level managed, they are eligible for loan forgiveness, and a 1% interest is forgiven.
As the beneficiary of this program, some of your favorite celebrities have been affected, and I will list some of these celebrities.
Celebrities that took the PPP loan
- Loan applicant: TB12 Inc., a fitness and nutritional supplement company co-founded by Tom Brady.
- Loan amount: $960,855
- The amount forgiven: $972,280 (includes interest)
- Reason for Loan: Payroll
West is a rapper and fashionista with a brand name known as Yeezy he received between 2 million and 5 million and his company generated 1.3 billion dollars in revenue with 106 employees.
Actress Reese Witherspoon was worth $400 million as of 2021, according to Forbes.
- Loan applicant: Draper James LLC, a women’s clothing company founded by Reese Witherspoon.
- Loan amounts: $975,472 and $719,222
- Amounts forgiven: $987,793 and $726,310 ( include interest)
- Reason for Loan: Payroll and rent
Jay Z’s company received two million to 5 million dollars from the program and his company known as Malibu entertainment enjoyed this benefit even though he is not recognized as an executive buy other legal documents prove otherwise
Jared is also known as the son-in-law of former President Donald Trump and he also served as senior adviser his net worth is around $800 million as of 2019.
- Loan applicants: A company in the publishing industry (Observer Holdings LLC) and two in the hotel industry (Princeton Forrestal LLC and Esplanade Livingston LLC)
- Loan amounts:
- Observer’s Holdings LLC: $800,407
- Princeton Forrestal LLC: $1,569,977 and $2 million
- Esplanade Livingston LLC: $630,735 and $883,029
- Amounts forgiven:
- Observers Holdings LLC: $805,676 (includes interest)
- Princeton Forrestal LLC: $1,588,337 and $2,023,000 (figures include interest)
- Esplanade Livingston LLC: $636,219 and $890,674 (figures include interest)
- Reason for Loan: Payroll and rent
He is known as an author and owner of rich Dad operating company with about 11 employees and he also received between 350,000 to 1 million dollars
Paul Pelosi is worth around $120 million
- Loan applicant: EDI Associates, a restaurant
- Loan amounts: $711,708 and $996,392
- Amounts forgiven: $720,658 and $1,002,343 include interest)
- Reason for Loan:: Payroll
Khloe Kardashian’s net worth is estimated at around $40 million
- Loan applicant: Good American LLC, a women’s clothing company cofounded by Khloe.
- Loan amount: $1,245,405
- Amount forgiven: $1,257,306 (includes interest)
- Reason for Loan: Payroll, rent, and health care
There was an artist who came to the spotlight after his capture Robert was auctioned at 91 million dollars in New York and in a city he had less than 500 employees he also received about $ 1 million to 2 million dollars.
- Loan applicants: Green Day Inc. and Green Day Touring Inc., businesses for Green Day.
- Loan amounts:
- Green Day Inc.: $97,285 and $135,80
- Greenville Day Touring Inc.: $219,212 and $183,965
- Amounts forgiven:
- Green Day Inc.: $98,213 (includes interest) and $68,992
- Green Day Touring Inc.: $218,795 and $185,986 (includes interest)
- Reason for Loan: Payroll, rent, health care, and utilities
Pearl is the owner of Grand trunk band with about 28 employees and he also obtained a loan of about 350000 to 1 million dollars.
Other Celebrities who obtained the PPP loan
|NAMES||COMPANY||REASON FOR LOAN||AMOUNT|
|Celine Dion||Atoz Production||Payment of employees’ salaries and other expenses||1 million Dollars|
|Billy Joel||Faegre Baker Daniel Company||Payment of employees’ salaries and other expenses||1 million Dollars|
|Oprah Winfrey||Harpo Production||Payment of employees’ salaries and other expenses||1 million Dollars|
|Bon Jovi||Crush management||Payment of employees’ salaries and other expenses||1 million Dollars|
|Arnold Schwarzenegger||OAK production||Payment of employees’ salaries and other expenses||Two million Dollars|
|Bruce Springsteen||Bruce Management Company||Payment of employees’ salaries and other expenses||1 million Dollars|
|Barbra Streisand||Barwood film||Payment of employees’ salaries and other expenses||1 million Dollars|
|Seth Rogen||Point graphic Pictures||Payment of employees’ salaries and other expenses||1.8 million Dollars|
|Tyler Perry||Tyler Perry Studios||Payment of employees’ salaries and other expenses||3 million Dollars|
|Quiyneth Paltous||Quiyneth Goop||Payment of employees’ salaries and other expenses||145,000 Dollars|
|Madonna||Mavericks||Payment of employees’ salaries and other expenses||1.1 million Dollars|
|Dwayne Johnson||Payment of employees’ salaries and other expenses|
|Martha Stewart||Martha Stewart Omnimedia||Payment of employees’ salaries and other expenses||2 million Dollars|
|Ludacris||Ludacris Restaurant||Payment of employees’ salaries and other expenses||1 million Dollars|
|Tom Hanks and Rita Wilson||Payment of employees’ salaries and other expenses|
|Rihanna||Rihanna’s fashion brand||Payment of employees’ salaries and other expenses||2 million Dollars|
|Lebron James||Mavericks Caters||Payment of employees’ salaries and other expenses||1 million Dollars|
|Kylie Jenner||Kylie cosmetics||Payment of employees’ salaries and other expenses|
Defaulters of the PPP loan
As earlier stated, borrowers who utilize this loan on payroll costs and employee compensation are eligible for loan forgiveness and stand a chance to get 1% of the interest forgiven or the loan forgiven in whole or in interest.
But as we know, in cases like this, there’s always a chance for defaulters to go against the agreement, and we have some celebrities who went against the terms and conditions and were punished.
Maurice “Mo” Fayne was sentenced to 17.5 years imprisonment for Bank fraud and wire fraud. He submitted an application of about 3.7 million for the PPP loan in 2020. Still, he used the money to pay back child support, buy customized jewelry, and lease Rolls-Royce instead of supporting his trucking business, as stated in his application.