KHLOE Kardashian does not have to pay back her $1.3 million PPP loan for her online clothing company, Good American, despite her estimated net worth of $40 million.
Khloe’s company, Good American, was approved for the $1.3 million loan on April 14 of 2020, and the loan was forgiven in full on March 31 of 2021.
The company, which does not have a brick-and-mortar store, applied for the federally funded program claiming that the money would be used for rent, utilities, payroll and healthcare.
Paycheck Protection Program loans are part of a federally funded program meant for small businesses hit hardest by the COVID-19 pandemic to help pay wages and other business expenses.
Once the loan is forgiven, the business owner does not have to pay it back.
Uber rich Khloe, 41, is certainly not the only rich and famous face to reap the benefits of the loan from the Small Business Administration, though many faced backlash for taking advantage of the government subsidies that were supposed to be aimed at struggling small business owners.
Khloe’s and her luxury denim Good American brand have been targeted by pandemic –related criticism before.
BAD AMERICAN?
In April of 2020, Khloe advertised a sale on the expensive brand’s line, and fans were not impressed with the paltry 30% discount on the already pricey goods, as the global economy came to a halt in the face of the crippling pandemic.
Fans took to social to vent their frustration with the Kardashian sister.
Alongside a gif of sister Kourtney, 41, famously saying “Kim, there’s people that are dying,” one fan tweeted: “Most of us aren’t surviving right now Khloe. I know revenue is probably down for your company and that’s awful but…
“Not any ill will towards you by any means but can you possibly raise awareness for those that need it most?” they added.
“It’s still too much… seriously right now is not the time to advertise your ‘sales’ most people don’t have money for jeans right now….” someone wrote with an angry face emoji.
Another fired off at the TV personality: “Sis, we at pretty much all out of work . I love ya but this is a no.”
In 2016, Emma Grede and Khloe Kardashian launched the Good American.
The Keeping Up With the Kardashians star often promotes the brand on her social media pages.
