This was something a lot of people were worried about. According to the NY Post, large corporations including Yeezy and hotels owned by family members of President Trump’s son-in-law Jared Kushner. These businesses were granted Paycheck Protection Program loans that were worth millions. This comes after the Small Business Association released the information on Monday.
According to the Hollywood Reporter, “Kanye West’s Yeezy company received more than $2 million through the Paycheck Protection Program, the Small Business Administration disclosed on Monday. Yeezy, an LLC formed by the musician and clothing designer, received a loan between $2 million and $5 million, according to the SBA. The company disclosed that it saved 106 jobs because of the program, meant to help businesses struggling during the novel coronavirus pandemic.”
The PPP passed in May, and was meant to serve as a support line for small businesses impacted by the pandemic in an effort to save jobs. The loans are forgivable if businesses spend the funds on eligible costs.
A rep for West did not immediately reply to a request for comment concerning the PPP loan.
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Businesses Connected To Kanye West, President Trump and Jared Kushner Received PPP Loans was originally published on themorninghustle.com