Jay Z, Diddy, Kanye West & More Celebrities Granted PPP Loan Forgiveness

Celebrities Including Diddy, Jay Z & Kanye West Granted Loan Forgiveness After Receiving Millions In PPP Loans

It seems like celebrities get away with anything! According to the Daily Mail, multiple celebrities have received loan forgiveness after they received millions of dollars in PPP loans for their businesses. The Payment Protection Program cost U.S. taxpayers $953billion, with around $76 billion being fraudulent.

DailyMail was able to obtain the exact amount of each loan and whether or not the loan was forgiven or not. Most of these celebs received the loan to help pay their employees and other expenses during the pandemic.

Kanye West’s Yeezy LLC borrowed $2,363,585, with $1,772,689 being spent on payroll for 106 staff. His status is “undisclosed” but it’s safe to say he won’t have to pay it back. Jay-Z is associated with two firms approved for a loan. Malibu Entertainment is linked to his streaming platform Tidal and took $2,106,398 to secure 95 jobs and was let off from repaying the full amount.

 

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His champagne brand Armand De Brignac Holdings borrowed $293,119 for payroll, which was fully disbursed. It is not stated if the loan was paid back. Diddy’s cable network, Revolt Media and TV LLC, took $1,929,252 for 134 jobs, which was forgiven.

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 forgiven. NFL star Tom Brady’s company, TB12 Inc, was given $960,855 to help secure 80 jobs. The full amount, plus interest of nearly $12,000, is fully forgiven.

It pays to be rich! What is most shocking is the loans were forgiven, even though these celebs have way more than enough money to pay them back. Some of these celebrities’ net worths are close to a billion dollars, if they’re not already a billionaire, and yet they get loan forgiveness. But, a regular person who received a PPP loan has to pay it back.