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

Lady Gaga Photo credit Frank LeBon suppilied by Universal
Lady Gaga Adds Extra Sydney Show

Lady Gaga will perform a second Sydney show on Saturday December 13, 2025.

4 days ago
Lady Gaga, Photo Ros O'Gorman, Noise11, photo
Lady Gaga Adds Second Melbourne Show

Lady Gaga will perform a second show for Melbourne on December 6.

6 days ago
Katy Perry, photo by Ros O'Gorman, rod laver arena, Melbourne 2014
Katy Perry Rides A Giant Penis Into Space

Pop star Katy Perry mounted a giant penis and rode it all the way into space today as part of a publicity stunt for a billionaire oligarch.

7 days ago
Sixx:AM
Sixx:A.M. ‘Prayers for the Damned’ and ‘Prayers for the Blessed’ Gets a Make-Over

Motley Crue bass player Nikki Sixx’s other band with Ashba, Sixx:A.M. is giving their last album ‘Prayer for the Damned’ and ‘Prayer for the Blessed’ a 10th anniversary (almost) make-over.

April 10, 2025
Airbourne photo by Ros OGorman
Airbourne Gear Stolen From Melbourne Lockup

Melbourne band Airbourne have had their gear stolen from a Melbourne lockup. Thieves took six guitars, as well as an old Mini Maton owned by the O’Keefe brother’s late father.

April 9, 2025
Arcade Fire photo by Ros O'Gorman
Arcade Fire Announce Pink Elephant Album

Arcade Fire will release their new album, 'Pink Elephant', on May 9.

April 9, 2025
Lady Gaga. image by Tim Cashmere
Lady Gaga To Bring Mayhem Ball Tour To Australia In December

Lady Gaga has announced new shows for Australia with dates for The Mayhem Ball set for Melbourne, Brisbane and Sydney in December.

April 9, 2025