Kanye West’s Yeezy Received At Least $2M In Federal Pandemic Loan
Kanye West’s luxury streetwear brand “Yeezy” received at least $2 million in federal loans from the Paycheck Protection Program saving 160 jobs, according to the Hollywood Reporter.
The Small Business Administration disclosed on Monday that the company received a loan totaling between $2 million and $5 million. The company said 160 jobs were saved because of the loan.
The Paycheck Protection Program was established during May to help small businesses avoid excessive layoffs and pay cuts as the pandemic ravaged the US economy. The Small Business Administration's Paycheck Protection Program lets most companies with 500 or fewer employees apply for loans to cover the cost of eight weeks of payroll. The PPP loans cover up to two and a half times the company's average monthly payroll costs, up to $10 million with a cap of $100,000 per employee.
The loan disclosure came almost simultaneously as the rap and fashion icon announced his bid for the 2020 presidency in a Tweet. It is unclear what West’s platform would be or how he plans to gather enough signatures to earn a spot on the ballot in a number of states. He quickly received the endorsement of Tesla and SpaceX CEO Elon Musk.https://twitter.com/kanyewest/status/1279575273365594112