Acclaimed hip hop artist Kanye West announced over the weekend that he was running for president, however this run has now faced a new controversy regarding his company Yeezy. According to a new report released by the Small Business Association, Yeezy received between $2 million and $5 million in loans from the Paycheck Protection Program (PPP), a federal pandemic loan program.
The PPP was intended to cover eight weeks of payroll for up to $10 million, as a way to offset the pandemic’s economic impact with forgivable loans for companies with a maximum of 500 employees. These loans were granted to companies that did not cut the size or payment of their workforce by more than 25 percent.
These loans supposedly helped Yeezy, a company valued at of over a billion dollars, save 160 jobs during the pandemic, however the company’s size and its popularity have made this loan attainment controversial. Other large companies such as the Lakers Association and Shake Shack have returned millions from their PPP loans, which were intended for small businesses.
West is also now a billionaire, while the Gap recently announced a massive decade-long deal with the performer. While West’s clothing have been notoriously expensive in the past, the new garments he designed for Gap will be reportedly under $100.
His run for president and the recent clothing partnerships aren’t the only thing West has been up to however, he also released a new music video for “Wash Us In The Blood,” which will be featured on his upcoming album God’s Country. He has also engaged in philanthropy this year and donated $2 million to the families of George Floyd, Breonna Taylor and Ahmaud Arbery.