Many celebrities are hard hit by a pandemic or lockdown. Many people lost their income due to the lack of work and trips.
Now let’s see who the celebrities were that got a loan under the United States .
What does a loan from the PPP mean?
This acronym refers to the Paycheck Protection Program, offered by the United Statesfederal countries during the 2020 pandemic.
Individuals with profiles that included Self employed or Business, non-profit organizations (certain), sole proprietors and other regulated business in the Coronavirus Aid relief Act, economic security Act were eligible for
Businesses have the option to borrow money for their payroll. The average monthly payroll cost is approximately 2.5x.
Find out more about celebrities here.
More details
In certain cases, you may be allowed to draw another one in the exact same way as the first. With the money you borrow, you may be able to repay your rent, utility bills, and interest.
This loan program had a primary purpose. It was intended to help employees who were in financial difficulties.
While debt cancellation can generally be tax-deductible, it may not be the same as repaying PPP loans. Companies might be exempt from tax if they incur expenses which result in debt forgiveness.
Celebrities That Got Ppp Loan
Below is a list with celebrities who took out loans from PPP during the following periods.
- Khloe is a reality TV star. She is a PPP loan recipient and has received $1 million.
- Reese Witherspoon An actress and owner of an apparel business, she has been approved to borrow approximately $350,000.
- Kanye West was awarded over $2 million in loans.
- Jay Z stated that he received $2.1million for a company he didn’t own but that there were legal documents that proved his ownership.
- Chris Harrison was a reality television celebrity who received a $173.287 PPP Loan.
- Ryan Gosling is another actor to have received approximately. $11,599 in approved loans amount
There are many more celebrities that we haven’t included on this list.
Conclusion
PPP loans were granted to many celebrities. It was given to companies that are in financial need.
