Tuesday Jul 07, 2020
Kanye West, despite rolling in cash himself, is all set to receive millions of dollars’ worth of funding for his fashion brand Yeezy to get through the pandemic.
The billionaire rapper who announced his presidential bid earlier this week, has not given a guarantee that the 160 employees in his firm won’t be facing the axe due to the coronavirus crisis.
West turned to the United States’ government program for $2million to $5million worth of funding for his 2009-launched company Yeezy with Nike.
The US Small Business Administration said that the musician received clearance for a loan under the Paycheck Protection Program (PPP), as per the list that was issued on Monday.
The program’s purpose was to provide monetary support to businesses with less than 500 employees who were likely to bear the brunt of the pandemic.
Apart from West, numerous production companies of Hollywood had also applied for the PPP after an abundance of cast and crew members were left jobless following the filming processes getting halted. The list includes The Jim Henson Company and The Apatow Company.