Kanye West’s Yeezy Brand Received Millions From Federal Pandemic Loan, Along With Eagles, Guns N’ Roses & Other Music Acts

Kanye West and his Yeezy brand have leaned on the Paycheck Protection Program in the U.S. to ease the burden of COVID-19.

RELATED: Meghan McCain Takes Swipe At Kanye West

Yeezy received a loan “between $2 million and $5 million,” according to the Small Business Administration via The Hollywood Reporter. Yeezy disclosed that 160 jobs were saved thanks to the program.

The program was introduced to help businesses struggling during the novel coronavirus pandemic. The loans are forgivable but the amount of forgiveness is reduced if companies reduce their number of full-time employees or cut wages by more than a quarter.

RELATED: Kanye West And Elon Musk Are Twinning

West wasn’t the only entertainer to pick up federal funds from the program. According to a report in Rolling Stone, other music acts to receive loans included Pearl Jam, Eagles, Guns N’ Roses and Green Day, with the money intended to go to crew members and support staff who lost jobs when summer tours were cancelled.

The magazine reports that Eagles, Pearl Jam and Disturbed received between $350,000 and $1 million.

Other acts who received funds include Chainsmokers, Cheap Trick, the Head and the Heart, Imagine Dragons, Jason Isbell, Lil Jon, Nickelback, Papa Roach, Pentatonix, Rascal Flatts, Chris Stapleton, Tool, 311, Weezer and Wiz Khalifa.

West announced on July 4 that he will be running for U.S. President in 2020. It is unclear if he has filed the official paperwork.

 

 

Get breaking news in your inbox

Related

Comments

Powered by WordPress.com VIP