Kanye West’s Yeezy received millions in PPP federal loans
The hip-hop star, reportedly worth $1.3B, secured stimulus funds to save 106 jobs at his California company.
Kanye West, who is reportedly worth $1.3 billion dollars, received a multimillion-dollar loan as part of the federal government’s coronavirus stimulus package.
According to records released Thursday by the U.S. Treasury’s Small Business Administration, the rapper’s Yeezy LLC was the recipient of financial aid worth between $2 million and $5 million, The Daily Beast reports.
The funds were dispersed in the latest round of the Paycheck Protection Program, and will save 106 jobs at the California company. Yeezy LLC is one of 40,000 companies to receive a PPP loan of $150,000 and above, and the news follows West’s announcement that he is entering the 2020 presidential race.
READ MORE: Kanye West compares his support of Trump to racial profiling
Ye tweeted on Saturday that he will run for president, saying, “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! #2020Vision.”
He has not yet announced what party affiliation he will be associated with or further details on his platform, theGrio previously noted. TMZ also reported that West still needs to file the necessary paperwork to run this year with the FEC which is a requirement for anyone getting into the 2020 race.
Last year, West set his sights on the 2024 presidential election.
“When I run for president in 2024, we would’ve created so many jobs that I’m not going to run, I’m going to walk,” he said.
West’s political ambitions in 2020 will put him in direct contention with Trump, whom West has vigorously defended over the years. West has made no secret that he supports the former reality TV star and his administration.
READ MORE: Kanye West voting for Trump, walks back famous Bush comment
“I’m a Black guy with a red [MAGA] hat, can you imagine? … It reminded me of how I felt as a Black guy before I was famous, when I would walk in a restaurant and people would look at you like you were going to steal something. ‘This is your place, Ye, don’t talk about apparel. This is your place, Ye, you’re black, so you’re a Democrat,’” West told WSJ in March.
Meanwhile, both Ye and his wife Kim Kardashian have officially reached billionaire status.
West’s sneaker empire alone reportedly made $1.5 billion last year, according to Forbes. The Chicago native has also inked a deal with Gap that will him design hoodies and T-shirts the global brand.
Last week, the hip-hop superstar celebrated his wife reaching ultimate baller status.
“I am so proud of my beautiful wife Kim Kardashian West for officially becoming a billionaire,” West tweeted, alongside a photo of vegetables depicting live art.
Kardashian, meanwhile, caught major heat on social media when she shared her husband’s tweet announcing his running his 2020 White House goal.
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