A federal COVID relief program developed to help home entertainment places that were mostly shuttered throughout pandemic-related lockdowns was so inadequately handled that numerous countless dollars might have ended up in the hands of rich performers who didn’t require the cash.
That’s the finding of an Insider examination, which called names of a few of the wealthiest recipients of the federal Shuttered Venue Operators Grant.
One example was Chris Brown, an R&B artist approximated to be worth about $50 million. He got $10 million in federal grants, Insider reported.
Another was Austin Richard Post, much better referred to as Post Malone, who is believed to have a net worth in the exact same variety. He likewise netted $10 million in grants.
And a lot of other rich performers made money from the grant program, which was administered– if one can even call it that– by the Small Business Administration
The SBA distributed $145 billion (with a b) in taxpayer cash that, unlike loans made under the Paycheck Protection Program, never ever needs to be repaid.
Brown and Malone each got the optimum grant, $10 million, allowed under the program that was sponsored by New York Sen. Chuck Schumer, who declared in a media release at the time that the funds would go to “independent live place operators, independent theater, and cultural organizations such as live carrying out arts companies and museums.”
However, lots of other artists who would be hard-pressed to reveal their requirement got comparable SVOG cash.
In truth, Insider mentioned one Los-Angeles-based monetary management company– NKSFB– that sent grant ask for 97 different customers who in turn gained over a quarter of a billion dollars in totally free taxpayer funds.
No reference was made from just how much of a cut the company took in return for effectively acquiring the grants, that included one for “electronic-music super star” Steve Aoki, who got practically the optimum at $9.9 million.
Perhaps his grant was smaller sized since his approximated net worth was bigger– in the area of $130 million. That may assist discuss why rap artist Lil Wayne, at $170 million, got “just” $8.9 million from the program.
However, the guidelines of the program enabled receivers to pay those who prepared their grant applications as much as 15 percent of the funds got.
Those guidelines, nevertheless, were apparently so byzantine that completely 30 percent of all applications were rejected, instead of about one-tenth that rate for PPP loans, Insider kept in mind.
Schumer was honored in April by the Recording Academy for getting the financing expense passed in the top place.
I was so honored to be acknowledged at this year’s @RecordingAcad #GRAMMYsontheHill!
My love for music runs deep.
That’s why I made it my objective to pass the Save Our Stages Act, and I’ll maintain the work to support the music and efficiency market. pic.twitter.com/z1OCg22 RAU
— Chuck Schumer (@SenSchumer) April 27, 2023
The SBA safeguarded the program to Insider, declaring in a declaration that it had actually “assisted in saving countless home entertainment places and operators throughout the nation throughout the COVID-19 pandemic.”
” SVOG existed to conserve us, and to bring us through,” Meredith Lynsey Schade, who was handling an off-off-Broadway theater business in 2020, informed Insider in safeguarding the program.
” We can, now, recall 3 years later on and state there wasn’t sufficient oversight,” she stated. “But the truth is that when there’s a fire that’s burning you take a look around and attempt to put that fire out.”
This post appeared initially on The Western Journal
The post World’s Richest Musicians Gobbled Up $200 Million in Taxpayer COVID Relief Grants: Report appeared initially on The Gateway Pundit
This article may have been paraphrased or summarized for brevity. The original article may be accessed here: Read Source Article.
