A famous singer’s shoe company, a millionaire actor’s film institute, and the California wineries of a legendary filmmaker, probably were not the “little guys” taxpayers thought Congress was targeting in last year’s coronavirus relief Paycheck Protection Program (PPP).
When our auditors at OpenTheBooks.com mapped the big PPP loans (the nearly 83,000 loans between $1 million and $10 million), a few familiar names popped up.
Kanye West, who claims a net worth of $3.2 billion, took $2.4 million for his clothing and sneaker company, Yeezy LLC, which the Wall Street Journal noted had a value of $2.9 billion, with $1.5 billion in yearly revenues.
Robert Redford’s Sundance Institute received $3.04 million in PPP loans. The non-profit’s IRS 990 lists $55.4 million in assets (FY2018).
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