#Yeezy may have wanted @Forbes to publish he was a billionaire but that doesn’t mean he couldn’t use a lil’ help with his business. According to @CBSNews, #KanyeWest’s clothing company and sneaker brand “Yeezy” received a million dollar loan as part of a federal relief program for U.S. small businesses.
On Monday, The U.S. Treasury released information that stated the Chicago native received $2 million-$5 million and was able to save 106 jobs through the Paycheck Protection Program (PPP).
The U.S. Treasury reportedly had to release names of companies who were given more than $150,000 because government watchdogs, Democrats, and media organizations demanded transparency, according to Forbes.
Also, according to Bank of America Corp, Kanye’s business was reportedly worth $3 billion, in 2019, according to a document reviewed by Bloomberg.
Shack Shack was one of a few restaurants that gave back their $10 million PPP loan, after coming under fire, when they accepted it.
Shake Shack’s CEO Danny Meyer stated,
“We don’t know what the future holds. Our people would benefit from a $10 million PPP loan but we’re fortunate to now have access to capital that others do not. Until every restaurant that needs it has had the same opportunity to receive assistance, we’re returning ours.”
Most recently, Kanye West inked a 10-year partnership with GAP, as previously reported.
The partnership with Yeezy and the Gap comes when the company, which also owns Old Navy and Banana Republic. started to see a decline in sales. The brand, which also has been affected due to the coronavirus, has reportedly struggled within the past few years.
He also shocked the world wide web, when he recently announced that he was running for president on Twitter.
“We must now realize the promise of America by trusting God, unifying our vision and building our future. I am running for president of the United States [American Flag Emoji]! #2020VISION.”
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