Celebrities That Got PPP Loans: List Revealed: In this article, we will discuss a new governmental scheme which is about a loan named PPP loan. If you want to know What it is? What does it mean? What is the full form of PPP? or Which celebrities took this loan? then stay connected with us here you will get all the necessary details. If you own a small independent business or you are an entrepreneur then you must be aware of PPP loans. In this pandemic era, everyone is hit by lockdown including, everyone was locked in their homes and all business was down and out even people with high incomes affected as well. Follow More Update On GetIndiaNews.com
Celebrities That Got PPP Loans
First of all, we will discuss what does it mean, PPP is stands for Paycheck Protection Program introduced by the United States federal government during the pandemic in 2020. Paycheck Protection Program was a business loan scheme, this program was part of the CARES Act, which stands for Coronavirus Aid, Relief, and Economic Security Act. This program aimed to provide financial help to small businesses, self-employed people, and individual proprietors who have suffered losses due to lockdown. Through this loan, a person can attain up to 2.5 times his overall monthly payroll.
Celebrities That Got PPP Loans List
- Khloe Kardashian
- Reese Witherspoon
- Kanye West
- rapper Jay-Z
Many big named celebrities attained advantages of the PPP loan and settled again their businesses and themselves after lockdown. We will tell you some interesting names who are part of this scheme. The first name that comes in Celebrities took PPP loan list is Reese Witherspoon, she is an American actress and she owns a clothing brand, she tried to maintain her company with this loan. After this one popular name comes is Kanye West. He owns a footwear and clothing brand he received more than $2 million as the loan amount. Rapper Jay-Z is also a beneficiary of the PPP loan amount he got more than $2.1million.
In the PPP loan scheme interest rates are comparably lower than other loan interest rates. Government can also waive the principal amount of the loan if the beneficiary of this scheme keeps the workers’ salaries constant and staff member in the firm is the same as before then government waived off the money and the borrower does need not to repay the loan amount. Recently one of the hip hop group Pretty Ricky’s members named Baby blue was arrested for misrepresentation for the PPP loan. The court sentenced him for twenty months behind the bars for presenting the fake documents to claim a PPP loan.