This article describes an American government lending program for businesses utilized by famous personalities. Read about the Celebrities Who Got Ppp Loans.
Have you heard about the recent controversy related to the lending program of the American government associated with celebrities? If yes, read this article till the end to understand all relevant information related to this hot topic discussed on major social media platforms.
People from the United States are eager to know the amount of credit their favorite personalities received from the famous government lending program. Continue reading to know all in-depth details associated with Celebrities Who Got Ppp Loans.
About Paycheck Protection Program
Paycheck Protection Program (PPP) consists of a program developed by the American government to provide business loans for eligible business companies to help them recover from the destructive impact of the pandemic and the lockdown.
The valuation of the total PPP was set to be $953 billion and was established by the US federal government in 2020 using CARES Act. PPP aimed to provide relief for sole proprietors, tribal businesses, self-employed workers, non-profit organizations and small businesses to carry forward their business activities to pay their employees without default.
Celebrities That Got Ppp Loans 2021
- Rapper Jay-Z has received $2.1 million by providing some legal documents that proved his ownership. The ownership document is mandatory proof required to be eligible for the PPP loan.
- Kanye West received a loan of above $2 million. He owns a clothing and footwear brand business that helped avail the enormous loan from the Paycheck Protection Program.
- Reese Witherspoon received a loan of about $350,000 for her clothing brand business.
- Khloe Kardashian received around $1 million from the Paycheck Protection Program. She is an American model, socialite and media personality.
More About PPP Loans
- Celebrities Who Got Ppp Loans were provided with two and a half times the average monthly pay.
- Various celebrities are involved in the recipients of PPP loans established by the government for a noble cause to protect and support small businesses to survive through the rough pandemic.
- The significant advantage that attracted the celebrities to choose this loan program is the low-interest rate.
- The controversy related to PPP loans started when some economists stated that the program failed to prevent small businesses from failing. Instead, the PPP loans supported businesses without much potential threat of bankruptcy. Read on Celebrities Who Got Ppp Loans.
- The primary eligibility criteria state that a company applying for a PPP loan should have fewer than five hundred employees.
- Additionally, the company’s net worth shouldn’t exceed $15 million, and the average net income must not cross $5 million for the last two years.
- The loan amount provided to the applicants depends on the average payroll.
Many celebrities received a PPP loan meant to support small businesses, sole proprietors, self-employees etc., to survive through the pandemic phase. To know more about this program, please visit.
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