Kanye West's Yeezy Brand Pockets $5 million COVID Bail-Out - Noise11.com
Kanye West 2012 - Photo By Ros O'Gorman

Kanye West 2012 - Photo By Ros O'Gorman

Kanye West’s Yeezy Brand Pockets $5 million COVID Bail-Out

by Music-News.com on July 8, 2020

in News

Kanye West’s Yeezy brand received $5 million in Covid-19 aid from the U.S. government, despite the rapper’s personal wealth.

Hundreds of thousands of businesses across the country accepted help from a federal fund that was launched by President Donald Trump in an effort to help firms during the coronavirus pandemic.

The $2 trillion (£1.6 trillion) stimulus plan was aimed at helping cash-strapped businesses keep afloat, particularly as lockdown restrictions hampered trading and supply chains, with the loans capped at $10 million (£8 million).

After pressure to disclose the recipients of the funds, the U.S. Treasury’s Small Business Administration released public records documenting every business who received a loan.

Among the big name recipients included Yeezy LLC, whose owner Kanye was declared a billionaire in April, Valentino USA Inc., Oscar de la Renta LLC and Vera Wang Group LLC. Good American, the clothing label co-founded by Khloe Kardashian, was also listed.

The documents state that the $2 to $5 million (£1.6 to £4 million) loan to Kanye’s footwear and clothing firm also led to 106 jobs being saved, while the financial boost helped Valentino salvage 281 jobs, Oscar de la Renta saved 42, and Vera Wang preserved 197 roles.

Khloe’s Good American brand, which she co-founded with Emma Grede, received $1.2 million (£960,000), according to People magazine, with 57 jobs subsequently saved by the bailout.

“We have a large wholesale footprint and all of our partners were forced to close their stores, with many shutting down warehouses and cancelling orders,” a Good American rep told the outlet. “Applying for and receiving the PPP loan was a necessary step we had to take to ensure the long-term survival of our brand and business.”



Follow Noise11 on Social Media

Noise11 on Instagram

You’ll discover music news first following Noise11 on Twitter

Comment on the news of the day, join Noise11 on Facebook



Related Posts

You Me At Six photo by Daniel Harris
You Me At Six Set To Release Seventh

You Me At Six have released their seventh album ‘Suckapunch’.

2 days ago
Justin Timberlake - Photo By Ros O'Gorman
Justin Timberlake To Play For President Biden

Justin Timberlake and Demi Lovato will help to celebrate Joe Biden's inauguration as the 46th President of the United States during a star-studded TV special.

2 days ago
Shakira Sells Music Catalogue

Shakira has sold her music publishing catalogue to Hipgnosis Songs.

3 days ago
Queen + Adam Lambert, Melbourne 2014. Photo Ros O'Gorman
Adam Lambert Plots Birthday Shows In LA

Queen singer Adam Lambert is planning to celebrate his 39th birthday with a virtual gig at the Roxy Theatre in Los Angeles.

3 days ago
Demi Lovato. music news, noise11.com
Demi Lovato To Talk About Drug Overdose In New Doco

Demi Lovato is finally ready to lay bare her soul and reflect on the drug overdose which almost claimed her life in her candid new YouTube documentary series.

4 days ago
Azealia Banks, Future Music, Ros O'Gorman, Photo
Azealia Banks Shocks Fans With Vile Pet Abuse Video

Azealia Banks has become a trending topic on Twitter after posting videos of herself boiling her dead cat.

5 days ago
Catherine Britt Home Truths
Catherine Britt Goes Full Tilt Indie With ‘Home Truths’

Australian Country star Catherine Britt will release new music for 2021 on Friday 15 January. Here new album is ‘Home Truths’.

5 days ago