One of the richest Real Housewives, Kandi Burruss, accepted government handouts intended for struggling small businesses affected by the Coronavirus pandemic.
According to Coronavirus bailout records obtained by AllAboutTheTEA.com, Kandi Burruss’ Atlanta eateries — Old Lady Gang and Old Lady Gang II — each received PPP loans ranging between $150,000 – $350,000. The loans were funded by TruFund Financial Services Inc. — and were approved on April 29.
Back in March, Congress passed the CARES Act that granted $669 billion to the Paycheck Protection Program (PPP), a loan intended to help small businesses maintain their payroll. The loan is special in that it’s fully forgiven if at least 60% of it is used on payroll costs, as it was designed specifically to prevent layoffs during a time of historic unemployment.
However, Old Lady Gang and Old Lady Gang II both laid off several workers and both locations are on the verge of closing despite the hefty economic boast — leaving questions about how the government will make sure that the funds are being used properly.
Prior to the pandemic, Old Lady Gang and Old Lady Gang II had long lines of patrons frequenting the restaurants. The Real Housewives of Atlanta star and her husband, Todd Tucker, declared the bistros a success story.
Celebrity Net worth lists Kandi Burruss’ net worth as $30 million.
The restaurant industry has undoubtedly been hit hard by the pandemic — but are PPP loans intended to keep the rich richer? Sound off in the comments!