Dr. Phil Is Worth $400 Million, So Why Does He Need a $7 Million PPP Loan?

Dr. Phil received more than $7 million in PPP loans while his son splurged on a $10 million mansion. How much lower can he go?

Dr Phil McGraw

Dr. Phil has a net worth of more than $400 million as of 2019. What use does he have for a PPP loan? | Image: Joe Seer/shutterstock.com

  • Dr. Phil received more than $7 million in PPP loans.
  • Meanwhile, his son Jordan purchased a $10 million home in Beverly Hills.
  • How much lower can “the good doctor” stoop?

Dr. Phil just got $7 million.

According to recently released records, his production company applied for—and received—more than $7 million in a Paycheck Protection Program (PPP) loan.

Of course, this comes hot on the heels of the news that his son Jordan—who also works for the production company—purchased a $10 million home in Beverly Hills.

I’m sorry, but what part of the game is this?

Why Did Dr. Phil Need $7 Million For His Production Company?

The Paycheck Protection Program was designed to help small businesses ride out the economic strain caused by the COVID-19 pandemic. Recently unearthed documents have revealed that the ones who have benefitted the most from this program are businesses that are decidedly quite alright during the pandemic.

Dr. Phil
Why is a multimillionaire like Dr. Phil benefitting from small business loans that help actual people in need? | Source: Twitter

Stage 29 Productions—the production company owned by Dr. Phil and his son—is one such company. Yet, they got a loan valued between $1 million and $2 million.

It gets worse: the McGraws’ other production company, Peteski Productions, got a loan valued between $2 million and $5 million.

That brings the total to $7 million.

Meanwhile, Dr. Phil has a net worth of more than $400 million as of 2019. That $10 million mansion of his son’s? He “gifted it” to him.

Something in the milk isn’t clean, folks.

Really, How Much Shadier Can He Get?

We’ve already gone over the myriad ways Dr. Phil is all types of awful. He’s a charlatan with a shady history of sexual assault, has problematic views on everything from #BlackLivesMatter to mental health (remember the Britney Spears fiasco?). His response to the COVID-19 pandemic has left much to be desired, to put it politely.

Now, he’s taking money that belongs to small businesses—businesses that are, in fact, the life-blood of the American economy—while he gives his spoiled son unnecessary gifts.

Can cancel culture do its thing and cancel Dr. Phil already?

Disclaimer: The opinions expressed in this article do not necessarily reflect the views of CCN.com.

Last modified: September 23, 2020 2:03 PM
Bernadette Giacomazzo is an editor, writer, and photographer whose work has appeared in Teen Vogue, People, Us Weekly, The Source, XXL, HipHopDX, The Los Angeles Times, The New York Post, BET.com, and more. She is also the author of The Uprising series and is the CEO of the acclaimed G-Force Marketing & Publicity firm, which has been featured in The Hollywood Reporter and has scored film, television, radio, and print placements for celebrity clientele worldwide. Reach her via email. Visit her LinkedIn profile here.
Previous Castaways Meghan Markle & Prince Harry Should Blame Themselves Next Blame Robinhood Traders for a Dangerous Electric Vehicle Stock Bubble