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It pays to be rich! America's wealthiest, including Tom Brady, Khloe Kardashian, Reese Witherspoon and Kanye all took millions in PPP loans - and nearly ALL have been forgiven

Wealthy Khloe Kardashian and Reese Witherspoon got millions in PPP loans they didn't pay

The companies of mega-rich celebrities, including billionaires Kanye West and Jay-Z, received millions in government PPP loans – and in virtually every case the A-listers have been let off the hook for paying back the full amount.
For the first time, DailyMail.com can reveal the exact amounts that these wealthy companies got through the Payment Protection Program, which was set up for desperate businesses hit by the Covid pandemic.
In all but two of the cases we examined, the company was 'forgiven' despite the star owners being multi-millionaires. The status of the others is unknown.
The loan program cost US taxpayers $953billion, with the University of Texas estimating that 15 percent of PPP claims – around $76billion – were fraudulent.
It was claimed that after the first round of PPP loans, up to 90 percent of ethnic minority business owners were unsuccessful at getting the loan and were at the 'end of a line', according to an Associated Press survey, which showed a disproportionate amount of white people in rich areas being approved for a loan.
Yet celebs and their businesses had no problems.

Kanye West's Yeezy LLC, based in La Palma, California, borrowed $2,363,585, with $1,772,689 being spent on payroll for 106 staff
Kanye West's Yeezy LLC, based in La Palma, California, borrowed $2,363,585, with $1,772,689 being spent on payroll for 106 staff

Kanye West's Yeezy LLC, based in La Palma, California, borrowed $2,363,585, with $1,772,689 being spent on payroll for 106 staff

Jay-Z is associated to two firms 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
Jay-Z is associated to two firms 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

Jay-Z is associated to two firms 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

DailyMail.com can now reveal the exact amounts that these millionaires – and some billionaires – took out via the government program

Kanye West's Yeezy LLC, based in La Palma, California, borrowed $2,363,585, with $1,772,689 being spent on payroll for 106 staff.

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

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

 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 line's profits increased during the pandemic from $1.3 billion in 2020 to $1.7 billion in 2021, a rise of 31 percent.

Kanye West himself has a net worth of about $2billion.  

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

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.

Kanye's one-time 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 forgiven.

Khloe's net worth is reportedly $60million.   

The company is said to be worth $12.7 million and made $1million in sales on its first day of business in 2016.

Jay-Z is associated to two firms 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.

His champagne brand Armand De Brignac Holdings – 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. 

Sean Combs's cable network, Revolt Media and TV LLC, took $1,929,252 for 134 jobs, which was forgiven.

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Comment by vaughn mitchell on August 17, 2022 at 10:29pm
That's call greed, they should all have to pay it back.

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