Kanye West Cloth and Shoe Company Gets $2M Federal Loan
Lately April, Kanye West was announced as another Billionaire hip-hop rapper. It came after Jay-Z amassed same accolade, and since Kanye West’s company, clothing and sneaker brand Yeezy, which is prolific and lucrative business, US federal government is assisting companies to create jobs in realizing the negative impact from COVID-19 Pandemic to humanities. Meanwhile Kanye West company has joined to get the loan also.
It’s a rescue fund which ranges from $2M to $5M. About it’s stragedy, is to help save 106 jobs. The rapper’s Yeezy brand has received over $2 million through the Paycheck Protection Program via the Small Business Administration which not only help the business but create job according to The Hollywood Reporter.
Federal government intention is to help business that’s struggling financially to seat back following Pandemic outbreak.
There’s some string placed on the loan. According to report online, the loan is forgivable put it depends. “Forgivable if businesses spend the funds on eligible costs, but the amount of forgiveness is reduced if a company reduces the headcount of full-time employees or cuts pay by more than 25 percent.”
The federal loan will definitely enhance more effective employment and Kanye West company listed as one those huge companies eligible for $2M to $5M. The spreadsheet listing those companies that where granted this loan of course worth it.
Kanye West hip-hop mogul with business mind at them shifting focus to politics. YE has announced his running for Mr President 2020, get support from both Elon Musk, wife and fans.