The rich and famous that received business loans from the government The rich and famous that received business loans from the government

The rich and famous that received business loans from the government

The CARES Act passed in March granted $669 billion to the Paycheck Protection Program (PPP), which was designed to help small businesses maintain their payroll.

At the beginning of July, MarketWatch reported that over 500,000 businesses received the PPP but retained zero jobs, leaving questions about how the government will make to guarantee the funds are being used as intended.

The Small Business Administration, which is in charge of implementing the PPP, released data on who has received help from the government. As it turns out, there are some recipients on the list that are rich and famous or than have powerful political connections, so there are some questions about how well the program is designed, given the fact that some small business owners stated they found it hard to apply for it at early stages.

Here’s a list of some famous names that received help through the PPP program:

Kanye West

His brand, Yeezy, received millions of dollars in PPP loans. He became a billionaire earlier this year and he secured a ten-year collaboration with Gap.

Pearl Jam and others

Pearl Jam, the classic rock band, also received a loan of somewhere between $350,000 to $1 million in order to help pay its touring company employees. Other bands and musicians that received the PPP are The Eagles, Guns N’ Roses, Imagine Dragons, Nickelback, and My Chemical Romance, as reported by Rolling Stone.

Jeff Koons

Jeff Koons received between $1 and $2 million in PPP loans. Reportedly one of the richest artists alive, he sold one of his works for $91 million to Robert E. Mnuchin.

Soho House

This private members club, with locations around the world and a valuation of around $2 billion, received around $22 million in PPP loans, according to data released by the Small Business Administration.

The Church of Scientology and other religious institutions

The Daily Beast reported that three branches of the ultra-rich Church of Scientology received PPP loans. However, this was not the only religious institution that received help. According to Newsweek, “nearly 10,000 Catholic churches to hundreds of Jewish groups received 88,411 PPP loans since the program began April 3.”
 

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