It is no secret that the rich and famous leverage their connections to make millions at the expense of the rest. But sometimes their connections aren’t just their buddies in business, sometimes it’s their buddies in the bureaucracy. On the latest episode of the Drill Down podcast, Peter Schweizer and Eric Eggers highlight some of the most egregious cases of celebrities cashing in on taxpayer funds for Covid economic relief.
https://megaphone.link/SHDI7207344484
Super-wealthy pop stars like Kanye West and Jay-Z received millions of dollars in PPP loans, despite profit margins soaring in that same time. Internet influencer Khloe Kardashian also received $1.2 million in covid relief loans—which were ultimately forgiven. Sean Combs, AKA P-Diddy, took out a nearly $2 million loan that also ended up being forgiven.
These high-profile examples help paint a damning picture of how critical covid stimulus was received by well-off tycoons. When coupled with reports that potentially 15% of PPP claims, amounting to nearly one trillion dollars, were fraudulent, it is easy to see why so many Americans are disillusioned about the state of the nation.
