Billionaire Kanye West’s Yeezy Received Multi-Million Dollar PPP Loan

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TOP LINE

On his heels announcement running for president, documents reveal that billionaire Kanye West’s fashion company Yeezy has received more than $ 2 million through the Paycheck Protection Program (PPP) – he owns 100% of the company that Forbes estimates close to $ 1.3 billion in 2019.

HIGHLIGHTS

Yeezy received between $ 2 million and $ 5 million through the PPP and said he saved 106 jobs, according to a report disclosed Monday by the Small Business Administration (SBA) of the US Treasury.

The US Treasury released the names of companies that received P3 loans over $ 150,000 after Democrats, government watchdogs and media required more transparency.

ASB noted that loans over $ 150,000 represent almost three-quarters of the total amount of loans approved, but that 87% of businesses received loans below this amount and the average is $ 107,000.

Other companies linked to the Trump administration I have money this tour, including the family business of Transportation Secretary Elaine Chao, Foremost Maritime and Joseph Kushner Hebrew Academy in New Jersey, named after Trump’s son-in-law and Councilor Jared Kushner’s grandfather.

key background

The PPP was created under the $ 2.2 trillion CARES law, enacted by Trump in late March. Saturday, Trump signed in law a bill to extend the PPP for another five weeks, just three days after it expires.

chief critic

Treasury Secretary Steven Mnuchin hinted last month that the Trump administration would not disclose the names of the companies because it considered the loan information to be owner and confidential to business owners. The Treasury and the SBA later noted they would publish the names and data of businesses with loans of $ 150,000 or more.

further reading

Trump administration releases list of companies that received most money from small business bailout loans (CNBC)

Trump signs PPP extension bill – giving small businesses 5 extra weeks (Forbes)

Elon Musk and Kim Kardashian back Kanye West’s candidacy for president (Forbes)

Kanye West is now officially a billionaire (and he Truly Wants the world to know (Forbes)

Disclosure: Forbes Media LLC confirmed on July 6, 2020 that it received a Paycheck Protection Program loan of $ 5-10 million on April 15.


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