Yeezy, LLC, the designer shoe and clothing company founded by Kanye West, received millions in Paycheck Protection Program (PPP) money amid the coronavirus pandemic, according to a report.
According to The Washington Post, the loan for West’s company is one of at least 4.9 million on the lengthy recipient list released by the U.S. Department of Treasury on Monday.
Yeezy, which is a designer sneaker line sold and marketed through a longstanding manufacturing and distribution deal with Adidas AG, received between $2 million to $5 million of the federal relief funds designated for U.S. small businesses.
With the funds, West was able to sustain jobs for 106 employees, according to the Small Business Administration database. The loan is considered forgivable if recipients spend the funds appropriately using the majority of the funds for payroll and some other costs.
While documentation suggests the funds were used appropriately, there are questions about whether or not the famous rapper’s company met the PPP’s small business qualifications.
Last year, Yeezy was reportedly valued at approximately $3 billion. The valuation of the company, which was determined by Bank of American Corp. back in September 2019, is based on pre-pandemic figures. – READ MORE
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