Kanye West’s Yeezy Received Over $2 Million Loan For COVID-19 Relief
Rapper and fashion designer Kanye West’s Yeezy company has reportedly received more than $2 million from the Paycheck Protection Program.
According to Small Business Administration, Yeezy, which is a multi-million dollar company, received a loan between $2 million and $5 million for COVID-19 relief. Because of the loan, Kanye West’s company says that they were able to save 160 jobs.
In May, the PPP was created to help keep financially struggling small businesses stay afloat during the current coronavirus pandemic. The program allows majority of the companies with 500 or less employees apply to receive the loans to ensure the cost of two months of payroll. According to reports, the loan covers
“up to two and half times the company’s average monthly payroll costs, up to $10 million with a cap of $100,000 per employee.”
The loan is for independent contractors, self-employed workers, and sole-proprietorships.
It was previously reported (June 26) that the 43-year-old fashion designer announced a 10-year deal with GAP. Once an employee of the popular apparel brand, West will now serve as a partner. Yeezy Gap line, the collaboration between the two, is expected to appear in stores and online in 2021.
According to a press release, the joint venture between West and GAP will be a decade-long working relationship at the very least and will provide a new, partnering clothing line developing apparel aimed at
“elevated basics for men, women, and kids at accessible price points.”
The release continued:
“Under West’s creative direction, the Yeezy design studio will develop the new line to deliver modern, elevated basics for men, women, and kids at accessible price points.”
“Gap and Yeezy benefit as the business grows, with Yeezy receiving royalties and potential equity related to sales achievement.”
West’s wife, reality-TV star Kim Kardashian-West tweeted her support for her husband’s new business venture,
If anyone knows Kanye they know how much the Gap and Yeezy means to him so this partnership is his dream come true! I am so proud of him. You guys are going to love what they have in store for everyone! From working at the Gap to this partnership is so inspiring #Westdayever”
How do you feel about Kanye West’s Yeezy company receiving a loan? Leave your thoughts with us in the comments.