Kanye West’s company got PPP loan
Kanye West’s company, Yeezy LLC, received a loan between $2 million and $5 million from the Paycheck Protection Program (PPP), according to Department of Treasury data released Monday.
The rapper’s clothing and sneaker brand reported the PPP loan helped the company save 160 jobs, the Small Business Administration data showed.
The small-business loan program was included in the $2 trillion coronavirus stimulus bill passed in March.
Businesses of 500 or fewer employees were able to apply for loans to cover eight weeks of employee payroll, with a cap of $10 million and $100,000 per employee. The loans are forgivable if the money is spent on eligible costs, but the amount of forgiveness decreases if jobs are cut or pay is reduced by more than 25 percent.
The Trump administration released data on the recipients of the PPP loans of at least $150,000 on Monday. The release of data comes as lawmakers are attempting to oversee the program and determine where the money was distributed.
West also made headlines on the Fourth of July when he announced he was running for president.
“We must now realize the promise of America by trusting God, unifying our vision and building our future. I am running for president of the United States!” he tweeted Saturday.
In the past, West has been a strong supporter of Trump and suggested in April that he would vote for him in November.