How mega-rich musicians bagged up to $10M in Covid grants By Tilly Armstrong Consumer Reporter For Dailymail.Com Published: 13:36 EDT, 18 August 2023 | Updated: 13:36 EDT, 18 August 2023 e-mail Advertisement Music stars like Post Malone, Chris Brown, LeAnn Rimes, and Nickelback reportedly received millions from the taxpayer-funded Shuttered Venue Operators Grant, aimed at aiding struggling venues and musicians during the pandemic. Administered by the Small Business Administration, the program provided $14.5 billion to live entertainment businesses, including artists. Unlike loans, qualified applicants could receive up to $10 million without repayment, compensating for lost revenue. An Insider investigation revealed that LLCs tied to major acts took advantage of this opportunity. Post Malone and Chris Brown, both with high net worths, reportedly received $10 million each from the Shuttered Venue Operators Grant. Lil Wayne got $8.9 million, and LeAnn Rimes and Nickelback each received $2 million. While usage details aren't clear, the funds may have supported backstage workers impacted by canceled events. No legal issues are indicated. There was no obligation for corporations and limited liability companies to utilize the funds solely for supporting workers. Recipients had the flexibility to allocate the money to various purposes, such as mortgage payments, taxes, and payroll, which could include their own compensation. A Los Angeles asset-management firm, NKSFB, reportedly played a significant role in securing grants for artists, venues, and managers, including well-known names like Post Malone, Korn, and Steve Aoki. Allegedly, they helped secure a total of $260 million in payouts. The Shuttered Venue Program aided many entertainment venues during the pandemic, with a significant portion of funds going to small businesses. While concerns about fraud remain, the SBA's watchdog estimates that less than 1 percent of grants from the program were potentially fraudulent. This comes after a report revealed potential misuse of $200 billion from COVID-19 relief programs, about 17 percent of the total disbursed by the SBA. Read the full story: https://www.dailymail.co.uk/yourmoney/consumer/article-12418109/How-mega-rich-musicians-including-Post-Malone-Chris-Brown-LeAnn-Rimes-Nickelback-bagged-10M-Covid-emergency-grants-didnt-pay-back.html?ito=msngallery Want more stories like this from the Daily Mail? Visit our profile page here and hit the follow button above for more of the news you need. Share or comment on this article: How mega-rich musicians bagged up to $10M in Covid grants e-mail Sorry we are not currently accepting comments on this article.