The Payment Protection Program (PPP) was initiated to help struggling businesses hit by the COVID pandemic, costing US taxpayers $953 billion. Not only were 15% of PPP claims found to be fraudulent, but 100 Percent Fed Up reported on Wednesday it has also been revealed that multi-millionaire celebrities also benefitted from significant loans. Reportedly, they will not have to repay the money most of the time.
It has been reported that, after just the first round of PPP loans, up to 90% of ethnic minority business owners were unable to get a loan and were placed at the ‘end of a line.’ An Associated Press survey also indicated that a disproportionate amount of white people in rich areas were approved for a loan.
UPDATE from 100 Percent Fed Up’s report on Wednesday of an example of a white person in a rich area approved for a PPP loan:
While America’s small businesses went under, political figures have taken advantage of this PPP program, including Nancy Pelosi’s husband, Paul Pelosi.
House Speaker Nancy Pelosi’s husband, Paul Pelosi, has an 8.1% share in the restaurant business EDI Associates, according to The Daily Mail.
EDI Associates took out two loans worth over $1.7 million in total, which were both forgiven, including interest.
Financial disclosures show the California couple has a net worth of $43 million to $202 million.
Will Joe Biden be in hot pursuit of Pelosi?
Earlier this month, Joe Biden signed a bill so the Justice Department would have more time to invest and prosecute all those who collected PPP loans on a fraudulent basis.
“We’re going after the criminals who stole billions in relief money meant for small businesses and millions of Americans.” – Joe Biden
Pelosi wasn’t the only wealthy American that received millions in PPP loans:
While America’s small businesses went under, our celebrities and their companies thrived. In fact, Kanye West’s Yeezy sneaker line borrowed $2,363,585. Moreover, Yeezy’s Adidas sneaker line’s profits during the pandemic increased by 31%.
West’s personal net worth is about $2 billion.
Khloe Kardashian got a loan of $1,245,405 for her denim brand Good American LLC. The full amount plus interest was forgiven, while Kardashian’s net worth is reportedly $60 million, and the company is estimated to be worth $12.7 million.
Multi-millionaire and billionaire celebrities such as Kanye West, Jay-Z, and Khloe Kardashian received millions in government PPP loans for their businesses, taking funds that were intended to be allocated towards small, struggling businesses.
It has also been revealed that Jay-Z is associated with two firms that were approved for a loan: Malibu Entertainment which got a $2,106,298 loan that was forgiven in full, and his champagne brand Armand De Brignac Holdings, which borrows $293,112.
Jay-Z has a net worth of $1.3 billion.
Jeff Koons, although he is America’s richest artist, applied for and received a loan for $1,091,200 for his firm Jeff Koons LLC.
Another A-list celebrity, Reese Witherspoon, got a loan for $975,472 for her clothing company Draper James LLC.
Both Koons and Witherspoon had their loans forgiven in full.
In the sports world, NFL star Tom Brady’s wellbeing company, TB12, was given $960,655 without the need to pay it back. As a result, Brady is set to become the NFL’s first-ever billionaire when he retires.
Reportedly, millions of dollars in COVID-19 relief loans went to fraudsters. The Justice Department has created a COVID-19 Fraud Enforcement Task Force to prosecute pandemic-related fraud.
Will Joe Biden’s Justice Department pursue prosecution of Pelosi and America’s Wealthiest Celebrities?
“We’re going after the criminals who stole billions in relief money meant for small businesses and millions of Americans.” – Joe Biden
