This past Monday, Small Business Loan revealed Kanye West’s Yeezy company received a loan of over $2 million dollars through the Paycheck Protection Program.
The program is designed to keep small business loans from laying off employees as a result of financial hardships caused by coronavirus pandemic. The loans are forgiven if the company receives eligible costs.
The SBA revealed Kanye’s brand is an LLC and is said to have saved 160 jobs despite the pandemic. The PPP allowed for a majority of companies of 500 employees or fewer to apply for loans too over the payroll. The program aims to cover up to two and a half the company’s average monthly costs with a cap of $100,000 per employee.