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RandySF

(57,600 posts)
Mon Jul 6, 2020, 09:43 PM Jul 2020

Kanye West Sneaker Brand Received Millions From Government Loan

Yeezy LLC, the sneaker company founded by musician and designer Kanye West, received a loan of $2 million to $5 million as part of a federal relief program for U.S. small businesses.

The Small Business Administration on Monday released details of almost 4.9 million loans under the Paycheck Protection Program. The aid allowed Yeezy to retain 106 jobs, according to the SBA database. PPP loans are forgivable if businesses spend most of the funds on payroll and other approved costs.

Yeezy designs sneakers that are sold through a manufacturing and distribution arrangement with Adidas AG. Last month, it also announced a partnership with Gap Inc. that caused the shares to spike on optimism that the deal would help revive sales at the chain.

A spokesperson for Yeezy didn’t immediately reply to an email seeking comment. The Hollywood Reporter published details of Yeezy’s loan earlier Monday.



https://www.bloomberg.com/news/articles/2020-07-06/kanye-west-sneaker-brand-received-millions-from-government-loan


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Kanye West Sneaker Brand Received Millions From Government Loan (Original Post) RandySF Jul 2020 OP
How are we finding out about these today ? will we find out JI7 Jul 2020 #1
West's net worth is estimated at 1.3 billion dollars. Why would he need this? Doodley Jul 2020 #2
he doesn't..he is simply greedy questionseverything Jul 2020 #4
"forgivable if businesses spend most of the funds on payroll and other approved costs" keithbvadu2 Jul 2020 #3

keithbvadu2

(36,360 posts)
3. "forgivable if businesses spend most of the funds on payroll and other approved costs"
Mon Jul 6, 2020, 10:32 PM
Jul 2020

"forgivable if businesses spend most of the funds on payroll and other approved costs"

Money is fungible. It will go wherever it is sent.

If they take the previously allocated company budgeted payroll money and put it into another company function and then place the PPP money into payroll, will that satisfy the 'forgiveness' conditions?

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