On the heels of his declaration of interest to run for president in the coming elections, documents reveal that the Hip-pop billionaire, Kanye West’s fashion company Yeezy has received more than $2 million through the Paycheck Protection Program (PPP) where he owns 100% of the company which is estimated at $1.3 billion in 2019.
According to the Treasury’s Small Business Administration (SBA), Yeezy received between $2 million and $5 million through the PPP, saying the loan would allow the Yeezy Company to retain as much as 106 jobs, assuming the company decides to spend most of the loans on payroll. Note that the Paycheck Protection Program loans are forgivable.
The Treasury released the names of companies that have been given loans above $150,000 as part of the PPP after Democrats, government watchdogs and media organizations demanded more transparency.
The SBA said that loans above $150,000 represent nearly three-fourths of the total loan dollars approved, but that 87% of companies received loans less than that amount and that the average is $107,000.
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.
West has publicly supported Trump in the past and their October 2018 meeting in the Oval Office raised eyebrows.
Other companies with ties to the Trump Administration got cash, including Transportation Secretary Elaine Chao’s family’s business, Foremost Maritime and Joseph Kushner Hebrew Academy in New Jersey, which is named after Trump’s son-in-law and advisor Jared Kushner’s grandfather.
The PPP was created as part of the $2.2 trillion CARES Act, signed into law by Trump at the end of March. On Saturday, Trump signed into law a bill to extend the PPP for another five weeks, just three days after it expired.
Good move from the government? Kindly share your take on this.