PPP loans are available for companies with fewer than 500 employees. They are canceled if companies spend the money on eligible costs and retain staff during the coronavirus pandemic. Loans are reduced if a company cuts full-time employees or pays more than 25%. According to a CNBC survey, only a small fraction of the candidates were selected.
West manages Yeezy LLC, which has 160 employees and reported $ 1.5 billion in revenue last year.
West has been a staunch supporter of Donald Trump. With his wife, reality star and beauty brand Kim Kardashian West, he worked with the administration on criminal justice reform and raising awareness among black voters.
The Guardian contacted representatives of the rapper and Yeezy LLC with requests for comment.
The loan program, which is part of the $ 2 billion care law, has come in for a lot of criticism. Calls are increasing to investigate technical issues and accusations of racial disparities between approvals. The list of recipients was only made public following complaints of transparency from the Democrats.
The Beast also reported that at least three companies related to Jared Kushner, the president’s son-in-law, had obtained PPP loans worth several million. Other family members and large corporations also received the money.
Major brands and institutions, including Shake Shack and Harvard University, were forced to repay their loans following public outcry and amid reports that banks favor wealthy customers or companies that publicly support the coronavirus response of the administration.
West recently tweeted his congratulations to his wife for becoming a billionaire. Despite a recent acquisition of its beauty brand by Coty, Forbes reported that Kardashian West was actually worth $ 900 million.
West turned a musical empire into financial difficulty by launching a brand of sneakers and clothing. His assent to the claimed billionaire status is greatly facilitated by a recently announced partnership with the clothing retailer Gap.
West announced his candidacy for president last week via Twitter. But the rapper has not filed any required federal documents and is already too late to appear on some state ballots. The announcement was widely received with mockery.