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.”

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