Kanye West's Yeezy Company Receives Multimillion-Dollar Loan From Federal Government
Yohance Kyles (@HUEYmixwitRILEY)
(AllHipHop News) Recently, news broke that Kanye West agreed to a ten-year deal with Gap for his Yeezy apparel line. It seems the corporate retailer is not the only entity that recently provided funds for the billionaire entertainer/entrepreneur.
The Treasury Department's Small Business Administration released information about companies that received low-interest loans above $150,000 as part of the Paycheck Protection Program. According to reports, West’s Yeezy fashion company received between $2 million and $5 million through PPP.
The PPP was created as part of the $2.2 trillion CARES Act to help assist struggling small businesses to keep employees on the payroll during the COVID-19 pandemic and economic downturn. Yeezy is said to be worth around $1.3 billion. West's personal net worth is also estimated to be $1.3 billion.
This revelation about Yeezy's PPP loan comes after West announced he plans to run for President of the United States in 2020. Previously, he was an outspoken supporter of President Donald Trump and the conservative Make America Great Again movement.
Companies associated with Trump's family and members of the Trump Administration scored PPP money as well. Political organizations and private companies formed by Republican and Democratic politicians received loans too. Businesses such as P.F. Chang’s, TGI Fridays, Ruth’s Chris Steak House, and Forbes Media were also listed in the SBA's spreadsheet.