After backlash from media and Democrats for not being transparent, the Trump administration disclosed a list of companies that received loans from the Paycheck Protection Program and it revealed that Kanye West’s Yeezy, along with some other notable companies, benefitted in millions of dollars from the program.
West, a newly minted billionaire at 43 years old, is reported to have received somewhere between $2 million and $5 million for his Yeezy brand through the PPP loan, according to data released by the Small Business Administration (SBA).
The loan is documented to help Yeezy sustain at least 160 jobs during the COVID-19 pandemic. The data was released soon after the rapper-producer announced that he would be running for president in the 2020 election.
“We must now realize the promise of America by trusting God, unifying our vision and building our future,” West stated in a Fourth of July tweet cosigned by Elon Musk and his wife Kim Kardashian West. “I am running for president of the United States!”
West’s bid for the presidential race comes four months ahead of the 2020 elections. He has already missed deadlines to be listed on the ballot in some states and has yet to declare a party.
Other businesses listed on the report include the Burning Man Festival, Eat Club and Andreessen Horowitz. The total amount of loans given was $521 billion and mainly distributed to the healthcare, professional and tech industries.
Some companies, such as electronic scooter company Bird and VC firm Index Ventures, are claiming that they were erroneously added to the list despite not applying.
The credibility of the list has drawn more criticism for the SBA who has been under fire after the organization was accused of being partial to big businesses that didn’t need the financial resources.
