Jeffree Star Cosmetics is one of several celebrity businesses reportedly receiving loans from the US government designed to assist small businesses affected by the global pandemic.
Reports are circling that Jeffree Star Cosmetics has apparently applied for and received several coronavirus loans of sums between USD$350,000 to $1 million. That's the company owned by the same Jeffree Star who was listed by Forbes as one of highest-paid YouTubers of 2019 (raking in USD$17 million on the platform by their account) and who just today shared this picture of him boarding a private plane for a getaway to Wyoming.
The loans – called Paycheck Protection Program (PPP) loans – were created by the US govt to “help small businesses severely affected by the coronavirus pandemic to retain their employees,” reports Mashable Australia. And sure, they’re loans so it's not exactly free money, but the repayment process isn't set in stone. The publication reports the loans only have a 1% interest rate and also the potential for full loan forgiveness “if all employee retention criteria are met and the funds are used for eligible expenses.”
Of course, there are other factors that could have contributed to Jeffree Star Cosmetics' revenue taking a hit (again, if these reports are to be believed) outside of the global pandemic. There's recent controversies like old videos of Star showing him blatantly being racist resurfacing (which caused major makeup brand Morphe to drop his line from their online offering). Also we can't forget fellow beauty YouTuber Tati Westbrook's troubling claims that Jeffree Star and Shane Dawson had “manipulated” her into turning against James Charles last year.
To be fair though, the PPP loans were reportedly approved on May 3. Much of that drama went down in July – two months later. Star is far from the only notable name reported to have received these loans for his business, either. Other notable recipients of the PPP loans are YouTubers MrBeast and e-sports organisation and lifestyle brand, FaZe Clan.
In other Jeffree Star news: Jeffree’s is dating a new guy – basketball player André Marhold, though he did confirm yesterday that they're just having fun, and it's nothing serious. On the business side, last month he launched his first nude collection called Orgy.
Naturally, there was some controversy surrounding the Orgy product names (stuff like ‘Happy Ending’, ‘Glory Hole’ and ‘I’m Close' raised some eyebrows), but that's Jeffree for ya. Until next time..
Editor's note: Mashable reported that representatives for Jeffree Star Cosmetics did not respond to 'multiple inquiries about whether the company received loans in the range cited in SBA data'.
Main Image Credit: Licensed by Getty