Many people, including famous celebrities are hit hard in the midst of a pandemic or lockdown. All were locked in their homes, there was no work, no excursions Nothing was allowed. This led to the fact that hundreds of people lost their income. In the aftermath, even those with high incomes were impacted financially.
Let’s see who are the Celebrities That Got Ppp Loanin the United States .
What is PPP Loan mean?
The complete form of PPP can be described as an acronym for the Paycheck Protection Program provided by the United Statesfederal government during the 2020 pandemic. PPP is a PPP loans program announced with a massive amount of $953 billion.
It was made available to those with profiles that included Self-employed, Business, Non-profit organisations (certain) as well as sole proprietors and other regulated companies in the Coronavirus Aid relief and economic-security Act.
Businesses are able to borrow money to pay for payroll as well as other obligations under The Paycheck Protection Program. The amount of a PPP loan is roughly 2.5 times the monthly average cost for payroll.
For more information on the celebrities with Ppp loans read on.
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There are some exceptional situations that another draw is permitted, in a manner similar to the first. With the funds you receive borrowed you may be able to pay your salary rent, interest, and utility bills.
The primary goal of this loan program was to ensure that small businesses with no capital gain cash to get through the Covid-19 epidemic. In addition, to help those or employees who are struggling with these challenging situations.
The cancellation of debt is usually tax-deductible, but it is not the same as the repayment of an PPP loan. Businesses that incur expenses that result in debt forgiveness may be removed from tax-deductible income.
Celebrities That Got Ppp Loan
Here’s the list of celebs who have taken PPP loans in the following times:
- Khloe Kardashianis a reality TV star She is a recipient from the PPP loan program, and has received around $1 million.
- Reese Witherspoon is an actress and owner of an apparel brand. she has been granted a loan of approximately $350,000.
- Kanye Westreceived more than $2 million in amount of his loan. He is a musician and also owns a clothing and footwear brand.
- The rapper Jay-Z is claimed to have received $2.1 million from a company that he did not personally possess, but had some legal documents to show his ownership. There are also famous people who have once taken wedding loans with bad credit history. They took loans when they were not very famous.
- A few of the famous people who received a PPP loanis Chris Harrison, a reality television celebrity. Chris Harrison owns Manly Bands, got a PPP loan of $173,287.
- Ryan Gosling is another actor who was awarded approximately. $21,599 in approved loan amount.
There are many more famous people that aren’t included in the list above.
Numerous celebrities have definitely been granted PPP loans. Many celebrities are sure to have been granted the PPP loan. Some are sole proprietorships as well as some with companies. However, we’re not certain that they’re qualified and worthy beneficiaries of the loan as the reason for it was give it to companies in need.