The guide includes a list of celebrities who received Ppp loans during the global pandemic.
Global pandemic and lockdown caused a lot of suffering for the global population. People were locked in their homes and restricted. Many people lost their jobs, which caused a financial crisis in the United States.
Even celebrities were severely affected by the pandemic. People with high incomes were also greatly affected. The government created many programs to help with the financial crisis. PPP Loan is one of the most popular.
PPP loans were also available to celebrities, as well as entrepreneurs and businessmen. Check out the List of Celebrities Who Got Ppp Loans .
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What’s a PPP Loan?
The federal government offers financial assistance to residents of the United States through the Paycheck Protection Program (or PPP Loan). This program is designed to provide financial assistance to those affected by the 2020 global pandemic.
With a budget of $953 billion, the PPP loan was first launched. The loan was distributed among NGOs, self-employed persons, businessmen and entrepreneurs under the CARES (Coronary Aid Relief and Economic-Security Act).
PPP Loans are attractive to businesses as they allow them to borrow money to pay salaries and other obligations. The average monthly salary cost can be 2.5x higher than the loan amount.
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List of Celebrities Who Have gotten Ppp Loans
Many celebrities applied for and chose to take out the PPP loans during the pandemic. The following celebrities have been granted the loan:
- Reese Witherspoon is an actress best known for her clothing line. She was awarded a $350 000 PPP loan.
- Khloe Kardashian is a TV star and a recipient of the PPP loan program. She was approved for a PPP loan amounting to $1 million.
- Kanye West, a singer and the owner of a clothing and shoe brand, was approved for a $2 million PPP loan.
- Ryan Gosling – He is an actor who obtained a $21 599 PPP loan
- Chris Harrison is one the Celebrities that Got Ppp Loans at $173 287. He plays an actor on a television reality show.
- Jay-Z applied to the PPP loan for $2.1million.
Learn More about the PPP Loans
PPP Loans were created to provide financial assistance to those who suffered financial losses during the pandemic. This loan program was created to assist small-business owners in obtaining the financial assistance they need to survive the pandemic. It is also designed to help workers and those who are struggling during this crisis. There were also Celebrities who received Ppp loans during the global pandemic.
The expenses incurred by the debt loan are taken out of the taxable income.
Conclusion
Many people suffered from financial distress and job loss during the global pandemic. They were encouraged to apply for PPP loans. PPP Loans were approved for all types of applicants, including sole proprietors, employees, businessmen, and celebrities.
The PPP loan is designed to provide financial aid to those who were most affected by the pandemic. You can see the celebrities who received Ppp loans during pandemic.
What can you add to the PPP Program? Let us know your thoughts in the comments section.
