Kanye West’s Yeezy Received at Least $2 Million in PPP Loan

Written by on July 6, 2020

Kanye West’s Yeezy acquired not less than $2 million in federal support with the intention to climate the coronavirus pandemic.

In response to The Hollywood Reporter, the billion-dollar trend model based by the hip-hop mogul was granted a mortgage between $2 million and $5 million by way of the Paycheck Safety Program (PPP). The corporate advised the Small Enterprise Administration that it saved 160 jobs due to this system.

Handed in Could, the PPP was designed to assist small companies with 500 or much less staff who’re struggling financially throughout the coronavirus shutdown. The loans cowl the price of eight weeks of payroll and are forgivable if companies spend the funds on eligible prices. The quantity of forgiveness is decreased if an organization reduces the quantity of full-time staff or cuts pay by greater than 25 %.

The information arrives simply as West introduced that he was working for president in 2020. “We should now notice the promise of America by trusting God, unifying our imaginative and prescient and constructing our future,” he tweeted on Saturday. “I’m working for president of the USA.”

In April, Forbes formally declared West a billionaire, estimating his present internet value at $1.three billion. He just lately introduced a 10-year partnership between Yeezy and Hole that can launch in 2021.

Different companies which have acquired loans of not less than $5 million embody restaurant chains P.F. Chang’s, Black Angus, 5 Guys, Ruby Tuesday, and TGI Fridays. Some together with Shake Shack, the fast-food burger chain value over $1.6 billion, determined to return their $10 million PPP mortgage.

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