(PatrioticPost.com)- According to recent reports, the Paycheck Protection Program, designed to help small businesses survive the pandemic by providing loans to help them keep staff, has become a gold mine for enterprises affiliated with the affluent and famous.
Media agencies have been researching the loans on the website ProPublica to determine how many wealthy receivers will never have to pay a penny back.
The key is to be familiar with the corporate names of companies that either the famous and wealthy own a stake in or operate.
According to the U.K. Daily Mail, Paul Pelosi, the husband of House Speaker Nancy Pelosi, owns an 8.1 percent stake in EDI Associates.
The restaurant company received loans from the federal government totaling more than $1.7 million that will not need to be repaid.
Two loans were made to EDI Associates, one for $711,708 and the other for $996,392.
Both loans have been forgiven, as the database demonstrates. According to the Daily Mail, a formula that considers the number of employees kept and their salary is used to determine whether to forgive a loan.
On social media, reactions to the revelation regarding the House speaker’s husband were mixed.
Of course, Paul Pelosi wasn’t the only prominent American citizen to gain.
According to the Daily Mail, Khloe Kardashian, a reality star and member of one of America’s most famous — or infamous — families, also participated. Kardashian owns a business named Good American LLC that got a loan for $1,245,405 and has a net worth of $60 million.
According to the publication, that loan was forgiven once more, just as it was in Pelosi’s case and those of other wealthy business owners. The Daily Mail said that 57 people were on the company’s payroll.
NFL star Tom Brady participated in the game as well. Brady owns and controls TB12 Inc., a company that deals with health. The $960,855 PPP loan made to the business was canceled, according to the Daily Mail.
According to studies by economists from the Federal Reserve and Massachusetts Institute of Technology’s David Autor, the Paycheck Protection Programs cost between $170,000 and $257,000 for each job preserved, according to MarketWatch.
Just 23% of the funds were distributed to employees who would have lost their jobs without the loans.