Americans now know, in a surprising disclosure, how much celebrities and wealthy company owners were paid by the government to maintain their firms and pay their employees. The amount of celebrities, ranging from Kanye West to Nancy Pelosi’s husband, is astounding. Even more astonishing is the fact that they have been entirely absolved, which means they owe nothing.
Many of these people have opulent lives and are A-list celebrities.
People are condemning the loan scheme, which cost US taxpayers $953 billion, in light of this surprising news. Approximately 15% of the total, or $76 billion, was previously estimated by the University of Texas to be fake. According to a poll by the Associate Press, business owners, particularly those who belong to ethnic minorities, also have difficulty obtaining a loan after the initial round.
The exact opposite had happened to the enterprises of wealthy, white people: Reese Witherspoon had borrowed $975,472 for Draper James LLC, and it was now forgiven.
Only two companies have received loans thus far: Jay-streaming Z’s service Tidal LLC and Kanye West’s La Palma, California-based West Yeezy LLC. Kanye borrowed $2,363,585 and used $1,772,689 of that amount to pay his 106 employees.
Khloe Kardashian, owner of the denim clothing store Good American LLC, also had her $1,245,405 loan forgiven, primarily to cover the wages of her 57 employees. Her company is currently worth $12.7 million, bringing her total wealth to $60 million. Additionally, the business generated $1 million in sales on its first day of operation in 2016.
The primary considerations in determining whether a debt can be forgiven are the number of employees maintained and the difference in the salary paid before and after the pandemic.
Tom Brady’s $960,000 loan was forgiven; he has a net worth of almost $150 million.
Additionally forgiven was Sean Comb’s $1.9 million loan to Revolt Media.
However, the music and film industries also experienced a similar measure of forgiveness, largely because they abruptly and nearly completely shut down during the pandemic.
Pearl Jam Touring Inc. was able to save 28 employment by forgiving a $629,335 loan in full. Francis Ford Coppola Presents LLC, the legendary director’s company, acquired a loan for the payroll of his 469 employees in the amount of $7,147,038 and was not required to repay it.
Politicians joined the bandwagon as well, including Nancy Pelosi’s husband and House Speaker Paul Pelosi. He holds an 8.1% stake in EDI Associates, which has taken out two loans totalling more than $1.7 million.