Kanye West’s Yeezy Company Receives Over $2 Million Pandemic Loan. Kanye West’s received more than $2 million through the Paycheck Protection Program as a Federal Pandemic loan.
On Monday the 6th of July the Small Business Administration disclosed that Yeezy received a loan that was intended to keep small businesses from laying off employees as a result of hardship caused by the coronavirus pandemic.
The loans are said to be forgiven if the company uses them for an eligible cause, if they are not used productively the company will then have to pay back the loan to the Paycheck protection Programme after a period of time.
The Small Business Administration unveiled a list of companies that applied and received funds. the list was intended to be confidential , but was made public after Democrats had demanded a process that showcases transparency.
The loan given to Kanye West‘s clothing company Yeezy, was said to have saved over 100 jobs. Other companies that received assistance loans is Shake Shack, Ruth Chris’s Steakhouse and even the Lakers. many people of the public were shocked at these companies needing assistance.
Yeezy is said to be valued in excess of $1.2 billion and it was somewhat shocking that it needed a loan. other clothing labels that got Paycheck protection Programme loans is Iconix Brand Group, Hickey freeman and Untuckit who got close to $10 million. Many other companies were listed.