EXCLUSIVE: It pays to be rich! America's wealthiest, including Tom Brady, Khloe Kardashian, Reese Witherspoon, Kanye and Nancy Pelosi's husband took millions in PPP loans – and nearly all have been forgiven
For the first time, DailyMail.com can reveal the exact amounts that these wealthy companies got through the Payment Protection Program, which was set up for desperate businesses hit by the Covid pandemic.
In all but two of the cases we examined, the company was 'forgiven' despite the star owners being multi-millionaires. The status of the others is unknown.
The loan program cost US taxpayers $953billion, with the University of Texas estimating that 15 percent of PPP claims – around $76billion – were fraudulent.
It was claimed that after the first round of PPP loans, up to 90 percent of ethnic minority business owners were unsuccessful at getting the loan and were at the 'end of a line', according to an Associated Press survey, which showed a disproportionate amount of white people in rich areas being approved for a loan.
Yet celebs and their businesses had no problems.
www.dailymail.co.uk/news/article-11113221/Wealthy-Khloe-Kardashian-Reese-Witherspoon-got-millions-PPP-loans-didnt-pay-back.html
WTH? Do you think the 87,000 new IRS agents will audit any of this?