Kim Kardashian and Kanye West attend the 2020 Vanity Fair Oscar Party hosted by Radhika Jones at the Wallis Annenberg Center for the Performing Arts on February 9, 2020 in Beverly Hills, California. Karwai Tang / Getty Images
When Congress passed the Paycheque Protection Program (P3), the goal was to save small businesses and businesses in struggling industries. And yet, many celebrity-owned businesses, including Hollywood stars and members of the Kardashian clan, have applied for and received federal aid approved by the Treasury Department.
After several expansion rounds, the program has to date approved $ 520 billion for nearly five million businesses. As The observer has already reported, independent investigations have found that at least dozens of large publicly traded companies have been approved for PPP loans. On Monday, after weeks of public pressure, the federal government released a small portion the names of the recipients (who were approved for over $ 150,000) and the approximate amount they received. The list uncovered more surprising names, including the following A-Listers.
Observer Holdings, the publication’s parent company, also received a loan.
Kanye West, singer
Superstar rapper’s clothing and sneakers brand Yeezy has received a loan of between $ 2-5 million. The sum is negligible compared to the value of the Yeezy brand, which Bloomberg is estimated to be at least $ 3 billion. Last year, the western-owned company generated $ 1.3 billion in revenue.
In mid-February, before the pandemic hit, Yeezy employed 106 people, which allowed him to apply for the PPP program, which was available to companies with 500 or fewer employees.
Reality star Khloe Kardashian
Kanye West’s sister-in-law, Khloe Kardashian, who according to Money magazine worth $ 40 million, also benefited from the PPP program. The reality TV star’s clothing brand, Good American, received a loan of between $ 1 million and $ 2 million.
Jay-Z, rapper
Malibu Entertainment, a company connected to Jay-Z’s Tide streaming service, has been approved for a PPP loan of between $ 2-5 million. A source familiar with the funding said Variety that the company received $ 2.1 million.
Malibu Entertainment does not list Jay-Z as a direct owner or officer. But earlier legal documents reveal the company had the same old addresses as Tidal and another Jay-Z-owned company, Roc Nation. Several Tidal employees say their paychecks are also from Malibu Entertainment, according to Variety.
Reese Witherspoon, actress
Oscar-winning clothing brand Draper James has received a federal loan of $ 350,000 to $ 1 million. The company employed 44 people before the pandemic.
Robert kiyosaki, Author of the series “Rich Dad, Poor Dad”
The bestselling personal finance author, who is also an avid investor, secured a loan between $ 350,000 and $ 1 million for his company, Rich Dad Operating Co., which employs 11 people.
The revelation came as a big surprise, as Kiyosaki has always been critical of the federal stimulus package. He called the PPP program “socialism for the rich” in a tweet April 2, one day before the opening of the PPP application.
Jeff Koons, artist
Jeff Koons became the world’s most valuable living artist last year after his sculpture “Rabbit” hit a record $ 91 million at an auction in New York. But apparently his studio, which employs 53 people, ran out of money when the lockdown broke. The studio has been approved for a loan of between $ 1 million and $ 2 million.
Pearl Jam, Rock band
Grunge rock band Pearl Jam touring company received a loan of $ 350,000 to $ 1 million to help its 28 employees stay on the payroll. A number of other touring musicians, including Weezer, The Eagles, Guns N ‘Roses and Green Day, have also been approved for PPP loans, according to Rolling stone.
(This article has been updated with information about Jay-Z in the 6th and 7th paragraphs.)
