Kanye West's Brand Yeezy Received a Multi-Million Loan from the US Government Amid the COVID-19 Pandemic
Kanye West is a billionaire who appears to have made most of his wealth from his Yeezy streetwear brand. However, the company reportedly got some help from the government recently.
The Small Business Association, a part of the United States Treasury Department, released a spreadsheet showing companies that had gotten financial aid during this period. Amongst the names on there was "Yeezy LLC."
With the novel coronavirus pandemic still out, many businesses have had to rely on government help. While Yeezy might not be the brand one might expect to be on that list, it appeared to have gotten between $2 million and $5 million.
Per the document, the loan was also quite helpful. Apart from helping Yeezy to stay operational, it also helped to save about 106 jobs.
The document also showed some history of the company. Kanye started Yeezy in partnership with Nike in 2007, and it is currently based out of La Palma, California.
Years back, however, the rapper moved the company from Nike's umbrella and set up a partnership with its competitor, Adidas. The brand has been highly successful so far, with billions in revenues made from the sales of apparel.
As pointed out earlier, Yeezy is currently Kanye's golden goose. Due to his majority stake in the company, the rapper was finally able to claim his billionaire status earlier this year.
Kanye's billionaire status puts him on par with Jay-Z as the only rappers on the Forbes billionaire list. As far as exclusive clubs go, that is quite a feat.
Kanye has been teasing a presidential run since, at least, 2015.
The loan in question is part of the government's CARES Act. The Act set aside $2 trillion to distribute to businesses whose operations have been affected by the novel coronavirus pandemic.
Kanye's sister-in-law, Khloe Kardashian, also got some of that sweet government money. According to reports, the model and reality star's "Good American" denim brand got $1.2 million in loans.
Khloe started the brand with marketing mogul Emma Grede in 2016. The loan reportedly helped the brand to save about 57 jobs. This funding news is coming fresh off the heels of Kanye announcing his run for President.
The rapper took to Twitter to announce his White House bid on Sunday morning. As he explained, the time is right to normalize the American hope under God.
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— ye (@kanyewest) July 5, 2020
Kanye has been teasing a presidential run since, at least, 2015. Many didn't believe he would make good on the promise, but he appears to be serious.
He has also gotten some support. Billionaire CEO Elon Musk tweeted that he was entirely behind Kanye, as the rapper hopes to kick off his run just months to the election.
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