Kanye West Cashes In On PPP Funds!

Kanye West’s apparel brand, Yeezy, was approved for and received a multimillion-dollar loan through the federal government’s Paycheck Protection Program (PPP), according to data released by the Treasury Department in early July.

The loan to Yeezy LLC was worth between $2 and $5 million and is listed as saving roughly 106 jobs. The 1 percent annual loan can be forgiven if small business owners spend at least 60 percent of the funds on payroll costs which would include their own wages.

PPP was established in May to provide relief to small businesses with less than 500 employees. Several retail and apparel companies, like Yeezy, received loans through the program as the coronavirus pandemic shut down stores nationwide, creating uncertainty for both big brands and small businesses alike.

West,43, started Yeezy in 2009, and Forbes officially named him a billionaire in April due to his stake in the company. Last year, the NYT reported that the brand brought in $1.3 billion in gross revenue and that West earns 5 percent royalties on net sales.

The future is looking bright for Kanye and Yeezy!!