Hip-hop’s wealthiest moguls reportedly won’t have to pay back millions of dollars in PPP loans.
Some of the richest rappers in the game have been forgiven for multi-million dollar PPP loans, according to the Daily Mail. Some of America’s biggest celebrities, including hip-hop’s wealthiest moguls like Kanye West, Diddy, and Jay-Z, pulled out millions of dollars in PPP loans during the pandemic to help with their payroll. New documents emerged revealing the exact amounts each celebrity pulled out, as well as their status. For the most part, the government forgave many of the loans pulled out by these celebrities.
Sean “Diddy” Combs, L.A. Reid, Kanye West, and Jay-Z arrive at GQ Magazine’s 50th Year Celebration party (Photo by Rob Loud/Getty Images)
Malibu Entertainment, which is one of two firms associated with Jay-Z, pulled out $2,106,398 to secure 95 jobs for TIDAL. That amount was forgiven in total. Armand De Brignac Holdings also $293,119 for payroll, though the status of this loan isn’t disclosed.
As for Diddy, Revolt Media and TV LLC borrowed $1,929,252 for payroll which went towards 134 jobs. The loan reportedly won’t have to be paid back.
Yeezy LLC took out $2,363,585, and $1,772,689 of the loan was spent on 106 staff but according to ProPublica, which published the status of every federal loan, the status is “undisclosed.” Another Ye-related subsidiary, Yeezy Schloss LLC, borrowed $15,625 for one employee. The amount was largely forgiven with the exception of $147.
Tom Brady was also included on the list. His company TB12 Inc. received $960,855 for 80 jobs. They were forgiven for the total amount plus $12,000 in interest. Khloe Kardashian received $1,245,405 for Good American LLC, which was distributed largely for payroll.
However, the person on the list who received the biggest amount is Jared Kushner. He was granted three loans that amounted to $3,001,119. The grants were forgiven in their entirety.