July 7, 2020 - 14:19 AMT
PanARMENIAN.Net - Kanye West's Yeezy company received more than $2 million through the Paycheck Protection Program, the Small Business Administration disclosed on Monday, July 7, The Hollywood Reporter says.
Yeezy, an LLC formed by the musician and clothing designer, received a loan between $2 million and $5 million, according to the SBA. The company disclosed that it saved 106 jobs because of the program, meant to help businesses struggling during the novel coronavirus pandemic.
Passed in May, the PPP is meant to serve as a lifeline for small businesses in the U.S. battered by the pandemic in an effort to save jobs while employers are financially struggling. The loans are forgivable if businesses spend the funds on eligible costs, but the amount of forgiveness is reduced if a company reduces the headcount of full-time employees or cuts pay by more than 25 percent.
As for West, the musician made headlines over the weekend when he announced his candidacy for the 2020 presidency with fewer than four months before the election. "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," West tweeted.
A rep for West did not immediately reply to a request for comment concerning the PPP loan.