By now, you may be aware of how the government lent assistance to many individuals and businesses. For instance, the PPP Loans, or the Paycheck Protection Program, was one of those that were established. The PPP Loan is an SBA-backed loan that helps businesses keep their workforce employed during the pandemic. Now fans are upset after not only discovering billionaires received the loan, but were also forgiven.
Rich & famous took PPP COVID loans which were later forgiven regardless of their wealth: @khloekardashian $1.2m, @kanyewest $2.3M, @SpeakerPelosi husband $1.7m, Trump son-in-law Jared Kushner $3m & others. PPP was meant to help ppl at risk of losing biz. https://t.co/jcG5T0FOH1 pic.twitter.com/PMIdPsvPAu— La Prensa San Diego – LaPrensa.org (@LaPrensaSD) August 18, 2022
Many individuals used this $953 billion program, intended for businesses to remain afloat, for their own personal gain. This action is undoubtedly illegal, and the government has been cracking down on those who have used it for purposes they should not have. Sadly, some who have or are about to face penalties for their crimes in scamming the government are celebrities. For example, Pretty Ricky member Baby Blue plead guilty to conspiracy to commit wire fraud. According to court documents obtained by Complex, the rapper and sometimes reality star had involvement in a scam that collected upwards of $24 million from the program. As a result, the Florida native was sentenced to 20 months behind bars for his crime.
In a December post to Instagram, Baby Blue admitted to his “mistake.” In addition, he stated that he’s “learned” from his wrongdoing and plans to re-emerge “With more integrity, more character, more knowledge of my self, more wiser, more stronger!”Then in January of this year, the Atlanta Journal-Constitution exposed a whopping list of celebrities indicted with PPP Loan fraud charges in Georgia. The publication states that the 19 indicted people “defrauded” the program for more than $3 million. Among those celebrities listed was actress Ion Overman.
Ion Overman has appeared in films such as The Walking Dead, which was her debut, along with Phat Girlz and Madea Goes to Jail. She also starred in the television soap opera Port Charles, and in The Young and The Restless in a more minor role. Additionally, Overman had roles in The L Word and Ghost Whisperer. Others included in the massive indictment were industry veteran and media personality Marvin “OG Shadi Powers” Lewton. In addition was former No Limit Records music producer Carlos “Clos” Stephens and Thor actor Dale Godboldo.
Due to the amount of “egregious pandemic fraud” that occurred, the White House announced that a Department of Justice Task Force would be established in order to crack down on finding those involved. Additionally, The White House insisted they would “call on Congress to heighten the penalties for criminals who commit egregious pandemic fraud.”
Recently, President Biden signed new bills that would give the DOJ “more time to investigate and prosecute people accused of fraudulently collecting government payments,” reports NY1. The President also issued a statement that suspects’ days were numbered. “We’re going to find you,” said President Bident. “We’re going to make you pay back what you stole and hold you accountable under the law.”
But a recent expose’ has revealed that certain very prominent celebrities took out PPP Loans but won’t have to pay them back. According to the U. S. Small Business Administration, there are ways that you can be eligible for PPP Loan forgiveness. “A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used,” the website states.
But a recent report from The Daily Mail shows that celebrities like Kanye West, Jay-Z, Khloe Kardashian, and more have had their PPP Loans forgiven. It should be noted that many of those celebrities have been listed in the billionaire category, which has definitely caught flack from the general public.
News of these prominent figures receiving loan forgiveness while other small businesses remain to suffer set many ablaze on social media. One Twitter user wrote, “Someone explain why Kim K, Diddy, Jay Z, Tom Brady, Kanye West, & Nancy Pelosi’s husband needed PPP loans? They should be forced to give it back, especially the billionaires. Meanwhile, businesses that really needed it were denied. Make it make sense!!!!!” Another angrily expressed, “[Nancy] Pelosi got [a] PPP loan of $1,709,100.00 it was FORGIVEN. Tom Brady. Kanye West, Khloe [Kardashian], Reese Witherspoon. Americans backs being broken.”