Entertainment Kanye West's Yeezy Brand Gets Multi-Million Dollar Loan from Government Stimulus Fund

03:10  07 july  2020
03:10  07 july  2020 Source:   people.com

Kris Jenner Celebrates Kanye West's 43rd Birthday: You Are an 'Important Part of Our Family'

  Kris Jenner Celebrates Kanye West's 43rd Birthday: You Are an 'Important Part of Our Family' Kanye West turned 43 on Monday The rapper celebrated his 43rd birthday on Monday with touching tributes from the Kardashian family. And sticking true to tradition, matriarch Kris Jenner was up bright and early to help kick-off West's special day."Happy Birthday @kanyewest!!" she tweeted. "You are an amazing son, father, husband, uncle, brother and friend... thank you for being such a special and important part of our family... I love you very much.

Billionaire Kanye West ’ s Company Gets Multimillion - Dollar PPP Loan From Trump Admin. Billionaire rapper and shoe designer Kanye West ’ s company has received a multimillion - dollar loan as part of the federal government ’s coronavirus stimulus package, according to records released

So did billionaire rapper Kanye West ' s Yeezy LLC clothing company. Newsmax said in a statement it was eligible for the program and did receive a loan , but declined to elaborate. Aside from Kasowitz Benson Torres and Newsmax, the other companies and schools did not immediately respond to a

Kanye West's fashion company received millions worth of loans from the federal government as part of the Trump administration's $2 trillion coronavirus stimulus package designed to aid small and medium-sized businesses.

a person standing in front of a mirror posing for the camera: Kanye West © Matt Baron/Shutterstock Kanye West

After mounting pressure to disclose which businesses received loans through the Paycheck Protection Program (PPP) established by President Donald J. Trump's CARES Act, the U.S. Treasury’s Small Business Administration released public records on Monday that list every loan.

According to the records of companies which were granted more than $150,000 in loans (which CNBC reports made up approximately 13% of the total number of loans), Yeezy LLC., West's high-end fashion label, received a loan between $2 to $5 million. The Treasury reports that the loan was filed through City National Bank and 106 jobs were saved through it.

Kanye West Teams Up With Gap for Major Partnership -- and Kim Kardashian Is Thrilled

  Kanye West Teams Up With Gap for Major Partnership -- and Kim Kardashian Is Thrilled Kanye West announced a collaboration between his brand, Yeezy, and Gap on Friday, among other major projects.Fans are clearly most excited for the 43-year-old rapper's collaboration with Gap, given the massive popularity of his Yeezy brand. West actually once worked at a Gap store as a teenager in Chicago, which he rapped about in his 2004 song, "Spaceship." He first teased the big news on Twitter with a photo of a person pulling items out of a brown duffel bag reading "developed by Yeezy and GAP," hashtagging the post with "#WESTDAYEVER." He followed it up with his Yeezy logo mashed up with Gap's iconic blue square logo.

Kanye West and Gap have agreed to a multi -year deal to create a clothing line for the entertainers famed Yeezy line. The future Yeezy line could play a big role in a possible resurgence for the brand . According to Gap Under West ’ s creative direction, the YEEZY design studio will develop the new line

Kanye West could be the next billionaire. West ’ s apparel brand Yeezy , a partnership with Adidas, is News of West ’ s net worth skyrocketing comes just two years after he revealed he was in financial The musician tweeted in 2016 that he was in million in personal debt and asked for help from

Khloé Kardashian's Good American denim brand, which she co-owns with Emma Grede, also filed for a PPP loan. The company was expected to receive between $1 to $2 million (PEOPLE can confirm it got $1.2 million) and it is reported that 57 jobs were saved using loan. Neither Kardashian or Grede has taken a paycheck since the coronavirus pandemic began.

Khloe Kardashian holding a sign posing for the camera: Dia Dipasupil/Getty © Provided by People Dia Dipasupil/Getty

"Due to the dramatic global impacts of COVID-19, the Good American business took a significant hit," a brand representative for Good American told PEOPLE. "We have a large wholesale footprint and all of our partners were forced to close their stores, with many shutting down warehouses and canceling orders. Applying for and receiving the PPP loan was a necessary step we had to take to ensure the long-term survival of our brand and business. We are incredibly grateful to have received the loan as it has allowed us to maintain our employees' salaries and support our team."

Katy Perry reveals what saved her after she contemplated suicide following Orlando Bloom split

  Katy Perry reveals what saved her after she contemplated suicide following Orlando Bloom split In addition to her split, Katy Perry said lagging album sales also attributed to her depression, but she eventually got back on her feet.During an interview with Canadian radio show "Q on CBC," the pop star said she felt depressed in 2017 following lagging album sales and her breakup with Orlando Bloom, whom she later reconciled with.

The loans can become grants if borrowers use the proceeds mostly to pay workers -- with some spending allowed for rent and overhead costs. Almost from the beginning, the PPP was dogged by controversy as some publicly traded firms tapped it. Many returned PPP loans after their borrowing

West and his wife, TV personality and business mogul Kim Kardashian West are eagerly expecting the His wife, Kim Kardashian West , has a net worth of 0 million , bringing the couple’s grand total to Fans still can’t get enough of Kanye West ’ s music these days. In 2016, he released “The Life of

The Paycheck Protection Program (PPP) set aside $349 billion in the stimulus law called the CARES Act to help small businesses keep their workers on payroll. It was intended to help companies with fewer than 500 employees, but garnered backlash when incidents were reported that larger companies received loans, including Shake Shack, which has around 189 restaurants and nearly 8,000 employees total. (Shake Shack CEO Randy Garutti and chairman Danny Meyer explained in an open letter on LinkedIn that they returned their $10 million loan.) By April the program ran out of money.

PEOPLE has reached out to Yeezy for comment.

The news comes days after West announced his plans to run for president in 2020 and his unabashed celebration of wife Kim Kardashian West's apparent billionaire status after the sale of her beauty brand, KKW, to Coty.

"I am so proud of my beautiful wife Kim Kardashian West for officially becoming a billionaire," he wrote on Twitter. "You’ve weathered the craziest storms and now God is shining on you and our family."

Kanye West Celebrates Wife Kim Kardashian 'Officially Becoming a Billionaire' with an Unusual Tribute

  Kanye West Celebrates Wife Kim Kardashian 'Officially Becoming a Billionaire' with an Unusual Tribute "You’ve weathered the craziest storms and now God is shining on you and our family," Kanye West wrote in a tribute to Kim Kardashian WestThe rapper, 43, penned a sweet note to the Keeping Up with the Kardashians star, 39, on Monday in the wake of news that beauty conglomerate Coty acquired a 20 percent stake in Kim's KKW Beauty for $200 million, valuing the cosmetics and fragrance business at $1 billion.

Kanye West designs apparel for 'Blexit' movement. Urban Revitalization Coalition CEO Darrell Scott Kardashian was referring to West ’ s success in launching his Yeezy brand in partnership with Adidas West managed to go from millions of dollars in debt to "centimillionaire status" in a few years partly

The answer to that million question -- how the hell is Kanye West that deep in debt -- is that he Yeezy shoes are all the rage now, but we're told Kanye didn't get a dime from Nike when he created the He funded the design out of his own pocket. Additionally, we're told he spent several hundred

Kanye West wearing a black jacket: Brad Barket/Getty © Provided by People Brad Barket/Getty

West also made big business moves himself earlier this month with the announcement of a 10-year partnership with Gap to bring his YEEZY designs to consumers at an accessible price point.

The star hasn't been shy about discussing his personal wealth and claimed in April 2020 that his net worth is more than $3 billion. However, Forbes reported that between West's many assets — including Yeezy, his music label and real estate — and his debt, the 43-year-old rapper is worth $1.3 billion.

Stars and Their Favorite Foods .
Stars and Their Favorite Foods

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