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.”

music-news.com

Noise11.com

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

Comments

comments

Related Posts

Taylor Swift Folklore
UK Charts: Taylor Swift Tops UK Chart For Second Week

Taylor Swift scoops Number 1 on the Official Albums Chart for a second week with Folklore.

1 day ago
Kanye West photo by Ros O'Gorman
Kayne West Is Trying To Fuck Up Joe Biden’s Election Run

Kanye West has seemingly indicated that his presidential run is aimed at harming Joe Biden's chances of defeating President Donald Trump in November's election.

1 day ago
50 Cent - photo by Ros O'Gorman images noise11.com photo
50 Cent Slams Emmys After Missing Out On Nomination

50 Cent has slammed the organisers of the Emmy Awards after his Starz series Power failed to receive a nomination.

3 days ago
JAY-Z photo by Ros O'Gorman
JAY-Z To Open University In New York

JAY-Z is venturing into the world of higher education by launching a New York university.

3 days ago
Lady Gaga - Photo By Ros O'Gorman
Lady Gaga To Host Weekly Show For Apple

Lady Gaga is set to front her own weekly radio show for Apple Music.

4 days ago
Mark Ronson and Bruno Mars Uptown Funk, music news, Noise11.com
Bruno Mars Wants In To Rihanna Fenty Campaign

Bruno Mars has reached out to Rihanna on Twitter to put himself forward for her Fenty Skin campaigns.

4 days ago
Bring Me The Horizon photo by Noise11
Bring Me The Horizon Confirm Yungblud Collaboration

Bring Me The Horizon's Oli Sykes, has revealed they've been "scheming" and plotting a track with Yungblud.

4 days ago