The article on Celebrities That Got Ppp Loan discusses the US government’s loan program and the recipient of that loan.
What does a PPP loan mean? What is the full form of PPP? Which celebrities took the PPP loan?
Many people, including celebrities, are hard hit in times of pandemic and lockdown. Everyone was locked in their homes, no work, no outings, nothing was allowed. As a result, thousands of people lost their livelihood. In this crisis, even rich people with good earnings were affected financially.
Let’s see who are the Celebrities That Got Ppp Loan in the United States.
What does PPP Loan Mean?
The full form of PPP is the Paycheck Protection Program provided by the United States federal government during the pandemic in 2020. The PPP loan program was launched with a huge budget of $ 953 billion.
It was provided to people with profiles like; Business, self-employed, Non-profit organizations (certain), sole proprietors and other prescribed businesses under the Coronavirus Aid relief and economic-security Act.
Businesses can borrow money to cover payroll and other obligations through the Paycheck Protection Program. A PPP loan is approximately 2.5 times the applicant’s average monthly payroll cost.
To know detailed information about Celebrities With Ppp Loans, keep reading.
There may be exceptional circumstances in which a second draw will be allowed, equal to the first. With the money from the loan, you might be able to pay your wages, rent, interest, and utilities.
The sole purpose of this loan program was to ensure small independent businesses get enough financial support to live through the Covid-19 pandemic. Also, to support people or workers struggling in those adverse situations.
The forgiveness of debt is often considered taxable income, but not the forgiveness of a PPP loan. Business expenses that result in debt forgiveness can be deducted from taxable income.
Celebrities That Got Ppp Loan
Here is the list of celebrities who took PPP loans during:
- Khloe Kardashian is a TV reality celebrity; she is a beneficiary of the PPP loan program and received approximately $1 million.
- Reese Witherspoon is an actress who owns a clothing brand, and she got an approved loan amount of around $ 350,000.
- Kanye West received more than $2 million as the loan amount. He is a singer and owns a footwear and clothing brand.
- A rapper Jay-Z is said to have got $2.1 million for a business that he did not directly own but had some legal documents to prove his ownership.
- One of the Celebrities That Got Ppp Loan is Chris Harrison, a TV reality star. He owns Manly Bands, got a $173,287 PPP loan.
- Ryan Gosling is another actor who received approx. $21,599 as the sanctioned loan amount.
Many more celebrities whose names are not listed in the above-given list.
Many celebrities have certainly received the PPP loan. Some have a sole proprietorship, and some have companies. But we are still not sure that they are eligible and deserving recipients of the loan because the purpose of the loan was to provide it to needy businesses.
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