Celebrities got larger percentage of the PPP loans than small businesses who were struggling to maintain their employees.
PPP loan was an initiative supports small businesses with funds during the COVID-19 period in order for such businesses to be able to maintain and keep their employees. This was mainly for small businesses who were struggling to find their feet around the COVID-19 pandemic.
The PPP loan was introduced in 2020 during the emergency of COVID-19 pandemic as part of CAREs Act which will provide relief to affected small business and individuals. The main purpose of this initiative during the COVID period was to support small businesses to stay on track and be able to keep their workers as well as pay them.
On the other hand, it seems the big businesses and rich personalities in the United State were the ones gaining much from this benefit. It was recently realized that most of the big companies and celebrities benefited much from the PPP loans.
Although these large businesses and celebrities are super rich, they still got the PPP loans through their connections. They became richer during the COVID-19 pandemic while genuine small businesses were still struggling and laying off workers.
In this article, we will list some celebrities who got the PPP loans who were supposed to qualify to benefit from it.
30 Celebrities that got PPP loans
These celebrities and their companies are regarded as large with less financial problems but they still got the PPP loans. This left out some some small businesses who were supposed to secure these loans in order to still keep their workers on payroll.
However, the PPP loans was for small businesses struggling during the COVID-19 pandemic but these rich celebrities benefited more.
Here are some of the celebrities who secured PPP loans.
1. Oprah Winfrey
Harpo production owned by Oprah Winfrey secured a Paycheck Protection Program loan of $1 which was invested into the business although she was super rich.
2. Arnold Schwarzenegger
His company, Oak Production also got a PPP loan of $2 million.
3. Tyler Perry
Tyler’s company known as Tyler Perry Studios secured a PPP loan of $3 million.
4. Dwayne “The Rock” Johnson
According to reports, Dwayne Johnson popularly known as “The Rock” was of the celebrities who first broke out the news they had received their PPP loan and encouraged small businesses to apply.
5. Jay Z
The hip hop musician was among the celebrities who benefited from the PPP loans. His organization, Roc Nation received a PPP loan of $3 million.
6. Seth Rogen
Point Grey Pictures owned by Seth Rogen also received its share of the PPP loan of $1.8 million.
7. Tom Hanks and Rita Wilson
These two also received the PPP loans after they recovered from being infected with COVID-19.
American singer, Rihanna who is into the fashion business with her company, Fenty secured a PPP loan of $2 million.
9. LeBron James
According to LeBron James’ business partner Maverick Carter, they also received a PPP loan for Uninterrupted (their company).
10. Kylie Jenner
Kylie Jenner’s company, Kylie Cosmetics also applies and received a PPP loan although she is regarded as one of the young billionaires in the world.
He owns a restaurant known as Straits located in Atlanta, USA. His business also received a PPP loan of $150,000.
Maverick owned by Madonna got a PPP loan of $1.1 million.
13. Martha Stewart
Martha Stewart Living Omnimedia received a PPP loan of $2 million.
14. Gwyneth Paltrow
Gwyneth Paltrow is the owner of Goop, a skincare production company. The company also received a PPP loan of $145,000.
15. Barbra Streisand
Barbra Streisand organization, Barwood Films had a PPP loan of $1 million.
16. Bruce Springsteen
Jon Landau Management got a PPP loan of $1 million. This management company is owned by Bruce Springsteen.
Cherrytree Management owed by Sting also got a PPP loan of $1 million.
18. Billy Joel
Faegre Baker Daniels (owned by Billy Joel) applied and received a PPP loan of $1 million.
19. Celine Dion
Celine Dion’s company (ATOZ Production) secured a PPP loan of $1 million.
20. Bon Jovi
Crush Management owned by Bon Jovi also received a PPP loan of $1 million.
21. Kanye West
Rapper and fashionista Kanye West (Ye) got his share of the PPP loans for his Yeezy fashion in 2020.
22. Tom Brady
Tom Brady’s company, TB12 Inc received a PPP loan of $960,855 million.
23. Khloe Kardashian
Khoe’s clothing brand, Good American was also a beneficiary of the PPP loan.
24. Reese Witherspoon
Reese Witherspoon’s clothing brand Draper James received a PPP loan during the pandemic.
25. Robert Kiyosaki
Robert Kiyosaki, author and investor, benefited a PPP loan between for his business, Rich Dad Operating Co.
26. Jeff Koons
It was reported that Jeff Koons who is a well-known artist also benefited from the PPP loan for his studio.
27. Pearl Jam, Rock Band
Grunge rock band Pearl Jam’s touring company received a PPP loan too.
Diddy’s, Revolt Media and TV LLC also got a PPP loan of $1,929,252 for maintaining and paying him employees.
29. Mark Wahlberg
For his restaurant business, Wahlburgers, Mark Wahberg received a PPP loan to support his business and keep employees on payroll.
30. Rae Sremmurd
Hip hop duo Rae Sremmurd also received a PPP loan for their Sremm Touring, LLC.
The above are some of the list of rich celebrities who got PPP loans through the federal government initiatives to support small businesses during the pandemic. However, they enjoyed greater percentage of this benefit.
Also, it was reported that most these celebrities who benefited from the PPP loans were forgiven. Thus, they didn’t pay back the money borrowed nor the interest.