Home Music bank Rich and famous people who got forgiven for PPP loans – Money Talks News

Rich and famous people who got forgiven for PPP loans – Money Talks News

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If you’re not running a small business, you may have already forgotten about the Paycheck Protection Program (PPP).

At the start of the COVID-19 pandemic, when many businesses struggled to stay afloat during the lockdown, the federal government introduced a relief program for businesses with up to 500 employees.

The program offered loans whose full amount could be canceled under certain circumstances, which amounted to acting in good faith: using the money to maintain employee payrolls and pay other necessary expenses such as company rent. and public services.

But as we detailed in “11 restaurants that filed for bankruptcy amid COVID-19,” even millions in PPP loans couldn’t keep some businesses afloat.

The program was also an attractive target for fraud, with up to $80 billion stolen, according to some estimates.

Then there are the celebrity PPP loans that most people probably wouldn’t consider cash strapped.

A US Small Business Administration loan information database, created by nonprofit publication ProPublica, shows last names have borrowed millions of dollars — and many of them have seen their loans partially, if not totally, forgiven.

Here’s a look at some celebrities who got free money through the Paycheck Protection Program, with some receiving multiple loans.

Tom Brady

Tom Brady
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loan applicant: TB12 Inc., a fitness and nutritional supplement company co-founded by Tom Brady. The champion quarterback of the Tampa Bay Buccaneers and New England Patriots recently agreed to a 10-year sportscasting contract worth $375 million, more than the $333 million earned during his NFL career, according to The Bleacher Report.

Amount of the loan: $960,855

Amount remitted: $972,280 (interest included)

What the applicant said he would spend the funds on: Payroll

Reese Witherspoon

Actress Reese Witherspoon
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loan applicant: Draper James LLC, a women’s clothing company founded by Reese Witherspoon. The actress and producer was worth $400 million in 2021, according to Forbes.

Loan amounts: $975,472 and $719,222

Amounts remitted: $987,793 and $726,310 (figures include interest)

What the applicant said he would spend the funds on: Payroll and rent

Jared Kushner

Jared Kushner
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Loan applicants: One company in the publishing industry (Observer Holdings LLC) and two in the hospitality industry (Princeton Forrestal LLC and Esplanade Livingston LLC) that are linked to Jared Kushner. Former President Donald Trump’s son-in-law and senior adviser during his tenure is a businessman worth around $800 million in 2019, according to Business Insider.

Loan amounts:

  • Observer Holdings LLC: $800,407
  • Princeton Forrestal LLC: $1,569,977 and $2 million
  • Esplanade Livingston LLC: $630,735 and $883,029

Amounts remitted:

  • Observer Holdings LLC: $805,676 (interest included)
  • Princeton Forrestal LLC: $1,588,337 and $2,023,000 (figures include interest)
  • Esplanade Livingston LLC: $636,219 and $890,674 (figures include interest)

What the candidates said they would spend the funds on: Payroll and rent

Paul Pelosi

Paul and Nancy Pelosi
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loan applicant: EDI Associates, a restaurant company partly owned by Paul Pelosi. The husband of US House Speaker Nancy Pelosi and a venture capitalist is worth an estimated $120 million, according to Celebrity Net Worth.

Loan amounts: $711,708 and $996,392

Amounts remitted: $720,658 and $1,002,343 (figures include interest)

What the applicant said he would spend the funds on: Payroll

Khloe Kardashian

Khloe Kardashian
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loan applicant: Good American LLC, a women’s clothing company co-founded by Khloe Kardashian. The reality TV star and business owner had an estimated net worth of around $40 million in 2018, according to Money.

Amount of the loan: $1,245,405

Amount remitted: $1,257,306 (interest included)

What the applicant said he would spend the funds on: Payroll, rent and health care

green day

green day
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Loan applicants: Green Day Inc. and Green Day Touring Inc., companies of Green Day. The rock band got two of its loans fully forgiven and the other two partially forgiven. Each of the group’s current members — Billie Joe Armstrong, Mike Dirnt and Tre Cool — is worth between $55 million and $75 million, according to Celebrity Net Worth.

Loan amounts:

  • Green Day Inc.: $97,285 and $135,805
  • Green Day Touring Inc.: $219,212 and $183,965

Amounts remitted:

  • Green Day Inc.: $98,213 (interest included) and $68,992
  • Green Day Touring Inc.: $218,795 and $185,986 (interest included)

What the candidates said they would spend the funds on: Payroll, rent, health care and utilities

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