The guide shares the list of Celebrities That Got Ppp Loans during the global pandemic.
The global population suffered a lot during the lockdown and global pandemic as everyone was restricted and locked within their homes. Many people lost their livelihood, which has ignited a financial crisis amongst the population in the United States.
Even the celebrities were hard hit during the pandemic, and people with good income were affected significantly. So, to cope with the financial crisis, the government launched many schemes, of which the PPP Loan is the most popular option.
Apart from businessmen and entrepreneurs, celebrities also opted for PPP loans. Let us check the list of Celebrities That Got Ppp Loans.
What is PPP Loan?
Paycheck Protection Program or PPP Loan is the financial aid by the federal government for the residents of the United States. The program aims to offer financial assistance to people affected during the global pandemic in 2020.
The PPP loan was launched with an initial budget of $953 billion. The loan was disbursed amongst NGOs, self-employed people, businessmen, entrepreneurs, and sole proprietors under the CARES or Coronavirus Aid Relief and Economic-Security Act.
Businesses are attracted to borrow funds to cover salaries and other obligations via PPP Loans. The loan amount can be 2.5× times more than the average monthly payroll cost.
The List of Celebrities Who Got Ppp Loans
Many celebrities applied and opted for the PPP Loans during the pandemic, and the list of celebrities who got the loan is:
- Reese Witherspoon – She is an actress known for her clothing brand, and she got a PPP loan of $350 000.
- Khloe Kardashian – She is a renowned TV celebrity and a beneficiary of the PPP loan scheme. She got approval for a PPP loan of $1 million.
- Kanye West is a singer and owner of a shoe and clothing brand who got approval for a PPP loan of $2 Million.
- Ryan Gosling – He is an actor who got a PPP loan of $21 599
- Chris Harrison is one of the Celebrities That Got Ppp Loans of $173 287. He is an actor in a TV reality show.
- Jay-Z applied for the PPP loan and got approval for $2.1 million.
More About the PPP Loans
PPP Loans are launched to offer financial aid to the people who faced financial loss during the global pandemic. The loan program is launched to help small business owners get the required financial aid to survive the pandemic. It also aims to support workers and people struggling during the crisis. There are also Celebrities Who Got Ppp Loans during the global pandemic.
The expenses resulting from the debt loan are deducted from the taxable income.
During the global pandemic, many people were suffering from job loss and financial crisis, which urged them to seek financial assistance in the form of PPP loans. Companies, sole proprietors, workers, businessmen, and even celebrities applied for the PPP Loans and got approval based on their eligibility.
The PPP loan aims to give required financial assistance to the people who were hard hit during the pandemic. Check out the Celebrities That Got Ppp Loans during the pandemic.
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