JAY-Z, Kanye West and Diddy count themselves among Hip Hop’s wealthiest individuals, and they can now also consider themselves among several celebrities who won’t have to pay back the federal government over Paycheck Protection Program loans.
According to The Daily Mail, the trio took out a total of $6.3 million in PPP loans to help secure 335 jobs amongst their various companies. Diddy borrowed $1,929,252 for his Revolt Media company, Ye borrowed $2,363,585 for his Yeezy LLC company, while Hov took out a combined $2,399,517 for two companies, Tidal and Armand De Brignac Holdings. Per ProPublica, Yeezy’s loan status is “not disclosed” despite the Yeezy sneaker line increasing in profits during the pandemic, from $1.3 billion in 2020 to $1.7 billion in 2021, an increase of 31 percent.
The Paycheck Protection Program was offered for small businesses and companies to help keep employees afloat during the height of the COVID-19 pandemic. The program ended on May 31, 2021, and existing borrowers are eligible for the loan forgiveness program as the economy has slowly begun shifting back toward pre-pandemic levels.
Pretty Ricky's Baby Blue Hit With 20-Month Prison Sentence & $2.2M Bill Over PPP Loan Fraud
Not everyone who took out a PPP loan were given the chance to be granted forgiveness. Several individuals, including Mo Fayne of Love & Hip Hop fame and Baby Blue of Pretty Ricky were handed down prison sentences for fraud relating to misuse of PPP loans.
Fayne was sentenced to over 17 years behind bars for running a multi-million dollar ponzi scheme, bank fraud and wire fraud. The U.S. Attorney’s Office in the Nothern District of Georgia said Fayne submitted a $3.7 million PPP loan application to United Community Bank in April 2020 to assist with his trucking company. However, the federal government concluded Fayne had improperly used the money given to him through the loan program, buying custom jewelry, paying back child support, leasing a new Rolls-Royce and more.
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WTF!?!? Really..Why do they get a pass? That’s bullshit. These guys actually got the money to pay it back. And y’all keep talking about the economy and budget. Normally I’m not one to bring politics into this but, damnit “Biden” WTF seriously…you charge Ted Dibiase and Brett Favre but you let these guys go. This is ridiculous
You are so freaking right. Let’s see who helps me out as a 69 year old grandma who is raising her grand kids on a fixed income and trying to have a lunch truck to help make ends meet. $bgreenect613
Why do you need a while lunch truck to eat 3 tomes a day? I just have a small kitchen!!!
Typical dumbocrap bullsh$t
Clyde
Ppp loans were bipartisan and republicans approved the loopholes/forgiveness too
Who cares you mfs won’t do shit about it anyway! Write your congressman… Oh wait, you can’t spell.
Doing the same thing over and over again and expecting the different results.
I guess your mom would count as the definition of insanity too, huh.
“Yet never underestimate the power of forgiveness with the PPP fellas.”
What state did not prosecute them or at least investigate them? With profits like Diddy made I doubt seriously he used the ppp for salaries. Must be New York or California where you can get away with murder and not go to jail. Some small companies that don’t make billions of dollars are having to pay their money back why don’t these millionaires have to? Over 6 million dollars for 325 employees, yeah right. At least investigate where the money went, it’s bull shit.
I’m not even mad at them for using loopholes because that’s what they exist for. If you think everyone from Obama to the ghost of Chris Farley don’t have accountants doing the same for them you need a brain scan. Next time someone says anything about Trump paying only $100 in taxes remember they all do the same thing and would be stupid not to
Good point. I get ticked off at first, but as you said, it’s common sense as a businessman to use anything from the government to your advantage. Don’t get mad at those exploiting loopholes. Be mad at the government who ensures those loopholes never close.
that makes absolutely no sense. they have the power to abuse the loophole and then not have to pay while smaller businesses have went out of business. You cant be serious
This falls under statute 6352.6 article B which clearly states “don’t hate the player, hate the game”
Its all Diddy fault, he love them men
That’s Lindsey Graham.
This doesn’t have nothing to do with him liking men! It has to do with 3 PEOPLE who DID NOT need this money and took advantage of what was put out for small businesses, etc. And their GREEDY a$$ took the money and could have pushed a small family to homelessness because they couldn’t get any money!
You lying bugger, Angel. The boys taking loans have nothing to do with other homelessness or what not.
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I am seriously mad because I had to be damn near homeless and these rich mf’s were able to take out millions!!! I’m so sick of greedy ass people when there are people out here struggling to make ends meet or even having to decide which is more important to pay and still have money for food. I am not praising them at all for being greedy and selfish. People that needed it should have got it and celebrities who make OVER A MILLION should NOT QUALIFY for this type of loans. Ridiculous. I hope karma gets them for this.