Report: Wealthy Celebrity Elites Including Reese Witherspoon, Jay-Z, Pearl Jam and Green Day Benefited from PPP Loans; Most Have Been Forgiven

Wealthy celebrities including Reese Witherspoon, Khloe Kardashian, Jay-Z, and the rock bands Pearl Jam and Green Day have benefited from government-issued Paycheck Protection Program (PPP) loans handed out at the height of the coronavirus pandemic — nearly all of which have been forgiven by Uncle Sam, according to a new report from the Daily Mail.

The result is that taxpayers will end up footing the bill for the millions of dollars that businesses associated with the celebrities don’t have to repay.

Reese Witherspoon’s clothing company, Draper James LLC, received $975,472 in the first PPP round to meet payroll and rent. The entire loan has reportedly been forgiven. The Legally Blonde star is worth an estimated $400 million.

Rapper Jay-Z is associated with two companies approved for loans two years ago. Malibu Entertainment is tied to his streaming platform Tidal and received $2,106,398 in order to keep 95 jobs. The loan amount was reportedly forgiven in its entirety.

Jay-Z is estimated to be worth more than a $1 billion.


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