Cake Boss’s Buddy Valastro Takes Over $ 2.3 Million In PPP Loans For His Bakeries During Pandemic Despite ‘$ 10 Million’ Net Worth
CAKE Boss star Buddy Valastro took more than $ 2.3 million in PPP loans for his bakeries during the pandemic despite an estimated net worth of $ 10 million.
The Sun can exclusively reveal that Buddy, 44, took out 17 PPP loans, which is a business loan program for emergency aid during the coronavirus pandemic, for a total amount of $ 2,382,317.
Carlo’s Bakery Cake head office in Jersey City, New Jersey was approved for a PPP loan in April 2020 in the amount of $ 493,439.
The location received another loan during the second round for $ 493,437 in February 2021.
Buddy, real name Bartolo, listed “payroll” for 50 jobs when asked how the loan would be used.
The Hoboken, New Jersey site received $ 114,107 for the first round in April 2020 and the same amount for the second round of loans in February 2021 for the payroll of 26 jobs and utilities.
The April 2020 loan was “forgiven” in the amount of $ 115,413, including interest.
Carlo’s Bakery in Marlton, New Jersey, received $ 35,570 in a second round in February 2021 for 12 employees on payroll and utilities.
Carlo’s Bakery in Manhattan was approved for a PPP loan in April 2020 for $ 265,284, with the amount going to payroll.
A second loan of $ 265,285 was granted in March 2021 for 20 salaried jobs.
The Sands Bethlehem, Pennsylvania site was approved for $ 57,039 for the payroll of 11 jobs in April 2020.
The store received $ 57,040 in a second round of PPP loans in March 2021.
The Philadelphia Bakery received $ 34,841 in April 2020 for 11 salaried jobs.
Carlo’s Bakery in Mohegan Sun, Connecticut secured $ 58,105 for 11 payroll and utilities jobs in the second round of loans in March 2021.
While Buddy received $ 44,281 for its location in Dallas in April 2020, the PPP loan did not save the bakery as it closed in December 2020.
The La Plaza, Texas store secured a $ 47,604 PPP loan in April 2020 for 11 salaried jobs.
Carlo’s Bakery at The Shops in La Cantera, Texas secured approval for a PPP loan in April 2020 for $ 53,393.
The Las Vegas site got $ 123,465 in the first round of loans in April 2020, while the bakery in Santa Monica, Calif., Received $ 58,170 on the same day.
The Orlando, Florida site received a loan of $ 67,150 in the second round in March 2021.
Buddy has a reported net worth of $ 10 million.
But the pandemic isn’t the only thing causing hardship for the baker, as he suffered a “horrific” bowling accident in September 2020 at his New Jersey home that forced him to undergo five surgeries.
A representative for Buddy said People: “There was a malfunction with the bowling pin setter, a common fix in the past, but it turned into a terrible accident.
“After trying to free the pins from the cage mechanism, his right hand lodged and squeezed inside the unit.
“Unable to remove his hand, he can see a 1-1 / 2 metal rod slowly and repeatedly impaling his hand three times between his ring finger and middle finger.”
Buddy’s sons, Buddy Jr. and Marco, used a saw “to cut the metal rod and relieve his father of the machine.”
Cake Boss aired from 2009 to 2017 on TLC, Food Network, and Discovery Family.
The father of four hosted a competitive Food Network show called Bake You Rich in 2019.
He currently stars in Food Network’s Buddy V. Duff with the season three premiere on Sunday.