Kanye West’s company obtains a PPP loan


Kanye westKanye Omari West Kanye West Listening Party Attendees Offered On-Site Vaccination Harris Step-Daughter Makes Paris Fashion Week DebutThe company, Yeezy LLC, received a loan of between $ 2 million and $ 5 million from the Paycheck Protection Program (PPP), according to Treasury Department data published Monday.

The rapper’s clothing and sneakers brand said the PPP loan helped the company save 160 jobs, according to data from the Small Business Administration.

The small business loan program was included in the $ 2 trillion coronavirus stimulus bill passed in March.

Businesses with 500 or fewer employees were able to apply for loans to cover eight weeks of employee pay, with a cap of $ 10 million and $ 100,000 per employee. Loans are repayable if the money is spent on qualifying costs, but the amount of the forgiveness decreases if jobs are cut or wages are reduced by more than 25%.

The Trump administration published data on PPP loan recipients of at least $ 150,000 Monday. The release of the data comes as lawmakers attempt to oversee the program and determine where the money has been distributed.

West also made headlines on July 4 when he announced he was presidential candidate.

“We must now fulfill America’s promise by trusting God, unifying our vision, and building our future. I am running for President of the United States! he tweeted on Saturday.

In the past, West has been a strong supporter of Trump and suggested in April that he would vote for him in November.


About Author

Comments are closed.