Kanye West’s Yeezy Company Received Multimillion-Dollar PPP Loan
After Forbes announced that Kanye West has officially become a billionaire, documents revealed that the hip-hop mogul’s fashion line Yeezy received more than $2 million through the Paycheck Protection Program (PPP) —the coronavirus assistance fund.
Kanye owns 100% of the company which Forbes estimates brought in close to $1.3 billion in 2019, however the PPP loan is to secure the jobs of his employees.
The U.S. Treasury released the names of companies that have been given loans above $150,000 as part of the PPP to provide more transparency after many small businesses didn’t receive any funds.
The PPP has received complaints about banks prioritizing big customers, favoring companies with ties to the Trump Administration and giving money to large companies, some of whom returned it after facing backlash. No word on whether Yeezy will return his millions yet, but Mercury News reported that the billionaire rapper had received approval to build a new 10-bedroom mega-mansion on his Wyoming property.
