Kanye West was reportedly the recipient of a $2 million federal loan, according to the Hollywood Reporter. The Small Business Administration’s Paycheck Protection Program disclosed that Yeezy LLC saved 160 jobs thanks to the loan, which reportedly landed between $2 million and $5 million.
The Paycheck Protection Program was instituted earlier this year to help small businesses continue to pay their employees while coronavirus prevention protocols prevented most businesses from remaining open. The Paycheck Protection Program let most companies with 500 or fewer employees apply for loans to cover the cost of eight weeks of payroll.
Kanye made headlines over the 4th of July weekend when he tweeted that he would be running for president, reviving an ambition he’d expressed in 2015. However, it appears that he’s yet to file paperwork and the deadlines to file have passed in six states. However, even without being able to pursue that ambition, Kanye has been relatively successful elsewhere in 2020.
Just last week, he announced that he’d partnered with Gap for a new Yeezy line, for which he’s filed for a trademark on the slogan “West Day Ever.” He also reportedly became hip-hop’s second official billionaire and established a $2 million college fund for George Floyd’s daughter.
For more information on the Small Business Administration’s Paycheck Protection Program, check out Hollywood Reporter‘s original report.
Source: https://uproxx.com/music/kanye-west-yeezy-brand-2-million-federal-pandemic-loan/