Kanye West's Yeezy Brand Pockets $5 million COVID Bail-Out - Noise11.com
Kanye West 2012 - Photo By Ros O'Gorman

Kanye West 2012 - Photo By Ros O'Gorman

Kanye West’s Yeezy Brand Pockets $5 million COVID Bail-Out

by Music-News.com on July 8, 2020

in News

Kanye West’s Yeezy brand received $5 million in Covid-19 aid from the U.S. government, despite the rapper’s personal wealth.

Hundreds of thousands of businesses across the country accepted help from a federal fund that was launched by President Donald Trump in an effort to help firms during the coronavirus pandemic.

The $2 trillion (£1.6 trillion) stimulus plan was aimed at helping cash-strapped businesses keep afloat, particularly as lockdown restrictions hampered trading and supply chains, with the loans capped at $10 million (£8 million).

After pressure to disclose the recipients of the funds, the U.S. Treasury’s Small Business Administration released public records documenting every business who received a loan.

Among the big name recipients included Yeezy LLC, whose owner Kanye was declared a billionaire in April, Valentino USA Inc., Oscar de la Renta LLC and Vera Wang Group LLC. Good American, the clothing label co-founded by Khloe Kardashian, was also listed.

The documents state that the $2 to $5 million (£1.6 to £4 million) loan to Kanye’s footwear and clothing firm also led to 106 jobs being saved, while the financial boost helped Valentino salvage 281 jobs, Oscar de la Renta saved 42, and Vera Wang preserved 197 roles.

Khloe’s Good American brand, which she co-founded with Emma Grede, received $1.2 million (£960,000), according to People magazine, with 57 jobs subsequently saved by the bailout.

“We have a large wholesale footprint and all of our partners were forced to close their stores, with many shutting down warehouses and cancelling orders,” a Good American rep told the outlet. “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.”

music-news.com

Noise11.com

Follow Noise11 on Social Media

Noise11 on Instagram

You’ll discover music news first following Noise11 on Twitter

Comment on the news of the day, join Noise11 on Facebook

Related Posts

Robert Randolph Preacher Kids
Robert Randolph Previews Seventh Album With ‘Sinner’

Bluesman Robert Randolph will release his seventh album ‘Preacher Kids’ in June and has the song ‘Sinner’ for us to hear now.

12 hours ago
The Fray Facebook photo
The Fray Add Extra Sydney and Melbourne Dates

Anticipation for The Fray certainly exceeded expectations with shows selling so fast that second shows have already been announced for Sydney and Melbourne.

4 days ago
Sneaky Sound System
Sneaky Sound System is Back With New Song ‘Shiver’

Connie Mitchell and Angus McDonald are back together as Sneaky Sound System with the brand new Bondi built song ‘Shiver’.

4 days ago
Lady Gaga Photo credit Frank LeBon suppilied by Universal
Lady Gaga Announces Mayhem Ball World Dates

Lady Gaga has thrilled fans by announcing a tour that she "wasn't planning".

5 days ago
Lady Gaga Sued By Surfboard Manufacturer Over Mayhem Logo

Lady Gaga has been sued by a surfboard brand over her Mayhem logo.

5 days ago
The Fray Facebook photo
The Fray To Play Australia For The Fifth Time

The Fray will return to Australia for their fifth tour and first since 2012.

7 days ago
Killing Heidi Reflector
Killing Heidi To Release 25th Anniversary Edition of Reflector

Killing Heidi will mark the 25th anniversary of their debut album ‘Reflector’ with a 2CD expanded edition in June.

March 24, 2025