20 Rich Celebrities that Got PPP Loans During the Covid-19 Pandemic

When the Paycheck Protection Program (PPP) was first introduced, it was touted as a lifeline for small businesses who were struggling to keep their doors open during the COVID-19 pandemic.

The PPP loan program was created by the CARES Act, which was passed by Congress in March 2020 in an effort to provide economic relief to businesses and individuals affected by the pandemic.

Under the program, small businesses could apply for loans of up to $10 million that would be forgiven if they used the money to cover payroll costs and other expenses such as rent and utilities.

The idea behind the PPP was that it would help small businesses keep their employees on the payroll and prevent them from having to lay off workers or close their doors for good.

However, the PPP has come under fire in recent months after it was revealed that a number of large businesses and celebrities had received loans through the program.

Celebrities that Got PPP Loans

PPP Was Never Meant for Big Business or the Super Rich

Critics argue that the PPP was never intended for big businesses or rich people, and that the money should have gone to small businesses who were truly struggling to stay afloat.

Some lawmakers have even called for an investigation into how the PPP was administered and whether or not some of the loans should be repaid.

At this point, it’s unclear what will happen with the PPP loan program going forward. However, one thing is certain: the controversy surrounding the program is likely to continue.

Celebrities that Got Money Through PPP Loans

While the PPP was originally designed for Main Street businesses, it didn’t take long for some well-connected businesses and individuals to find a way to get in on the action. This included a number of celebrities, who were able to secure loans through the PPP despite not being small businesses themselves.

Some of the celebrities who received PPP loans include:

1. Dwayne “The Rock” Johnson

Dwayne Johnson was one of the first celebrities to come out and reveal that he had received a PPP loan. He did so in order to encourage other small businesses to apply for the program. He also urged Congress to pass more legislation to help small businesses survive during the pandemic.

2. Kylie Jenner

Kylie Jenner, one of the world’s youngest billionaires, also received a PPP loan. She did so through her company, Kylie Cosmetics. The loan was used to pay salaries and rent for her company’s employees.

3. LeBron James

LeBron James’ business partner, Maverick Carter, revealed that they had received a PPP loan for their company, Uninterrupted. The loan was used to keep the company’s employees paid and to help with other expenses.

4. Tom Hanks and Rita Wilson

Tom Hanks and Rita Wilson were two of the first celebrities to reveal that they had contracted COVID-19. After they recovered, they revealed that they had also applied for and received a PPP loan. The loan was used to pay the salaries of their production company’s employees.

5. Rihanna

Rihanna’s fashion brand, Fenty, received a PPP loan of $2 million. The loan was used to pay the salaries of her employees and to cover other expenses.

6. Ludacris

Ludacris’ Atlanta-based restaurant, Straits, received a PPP loan of $150,000. The loan was used to pay the salaries of his employees and to cover other expenses.

7. Martha Stewart

Martha Stewart’s company, Martha Stewart Living Omnimedia, received a PPP loan of $2 million. The loan was used to pay the salaries of her employees and to cover other expenses.

8. Jay-Z

Jay-Z’s Roc Nation company received a PPP loan of $3 million. The loan was used to pay the salaries of his employees and to cover other expenses.

9. Madonna

Madonna’s company, Maverick, received a PPP loan of $1.1 million. The loan was used to pay the salaries of her employees and to cover other expenses.

10. Gwyneth Paltrow

Gwyneth Paltrow’s company, Goop, received a PPP loan of $145,000. The loan was used to pay the salaries of her employees and to cover other expenses.

There are many different videos and articles that highlight celebrities that got PPP loans.

11. Tyler Perry

Tyler Perry’s production company, Tyler Perry Studios, received a PPP loan of $3 million. The loan was used to pay the salaries of his employees and to cover other expenses.

12. Seth Rogen

Seth Rogen’s production company, Point Grey Pictures, received a PPP loan of $1.8 million. The loan was used to pay the salaries of his employees and to cover other expenses.

13. Barbra Streisand

Barbra Streisand’s production company, Barwood Films, received a PPP loan of $1 million. The loan was used to pay the salaries of her employees and to cover other expenses.

14. Bruce Springsteen

Bruce Springsteen’s management company, Jon Landau Management, received a PPP loan of $1 million. The loan was used to pay the salaries of his employees and to cover other expenses.

15. Arnold Schwarzenegger

Arnold Schwarzenegger’s production company, Oak Productions, received a PPP loan of $2 million. The loan was used to pay the salaries of his employees and to cover other expenses.

16. Sting

Sting’s management company, Cherrytree Management, received a PPP loan of $1 million. The loan was used to pay the salaries of his employees and to cover other expenses.

17. Bon Jovi

Bon Jovi’s management company, Crush Management, received a PPP loan of $1 million. The loan was used to pay the salaries of his employees and to cover other expenses.

18. Celine Dion

Celine Dion’s management company, ATOZ Productions, received a PPP loan of $1 million. The loan was used to pay the salaries of her employees and to cover other expenses.

19. Billy Joel

Billy Joel’s management company, Faegre Baker Daniels, received a PPP loan of $1 million. The loan was used to pay the salaries of his employees and to cover other expenses.

20. Oprah Winfrey

Oprah Winfrey’s company, Harpo Productions, received a PPP loan of $1 million. The loan was used to pay the salaries of her employees and to cover other expenses.

These are just some of the celebrities who have received PPP loans. While the loans were meant for small businesses, it’s clear that many big names have benefited from the program as well.

PPP Loans Information and FAQ

PPP loans are a type of loan used to fund public projects, which is sometimes referred to as “public private partnership” financing. With PPP lending, the government often retains ownership of certain properties or assets until the loan is fully repaid. These types of loans can be used for a variety of purposes including infrastructure development, education, and transportation.

PPP lending has become increasingly popular due to its benefits over traditional forms of financing like issuing bonds or taking out bank loans. For example, PPP funding allows governments to borrow money at favorable interest rates while providing flexibility in regards to repayment schedules and the use of funds. Additionally, borrowers are not burdened with administrative costs associated with administering bond issues. Furthermore, PPP loans are typically long-term, which allows governments to utilize their full borrowing capacity.

There are some risks associated with PPP lending as well. One potential issue is that the borrower may be exposed to risk if the project’s value changes over time or if certain conditions are not met during the loan repayment process. Additionally, there is a greater likelihood of conflict of interest between an investor and government because investors have more control over how funds are used when a public private partnership agreement is in place. In order to mitigate these risks, governments should carefully consider their financing options before choosing whether or not to pursue PPP loans.

Overall, PPP loans offer many benefits for both borrowers and lenders by allowing borrowers to access capital at favorable rates and lenders to earn higher returns on their investments. Despite the risks associated with PPP lending, it is becoming an increasingly popular financing tool and is likely to continue growing in popularity in the years ahead.

Are PPP loans still available 2022?

The Paycheck Protection Program (PPP) is no longer accessible, as it ended on May 31, 2021. However, existing borrowers may be eligible for PPP loan forgiveness.

Is PPP loan coming back 2022?

Eligibility for the PPP loan program ended in May 2021, and it doesn’t look like this will be re-activated again any time soon.

Where can I find more information on PPP loans?

Looking for more statistical driven content and unique articles?

If you enjoyed the content in this article, be sure to also check out our list of the best places in the world to live, and some of the most expensive cars ever created.