Yeezy, a company owned by Kanye West, was reportedly the recipient of a loan totaling millions of dollars from the government’s Paycheck Protection Program (PPP).
The $2 trillion program is designed to provide struggling small businesses with the money necessary to stay afloat amid the devastating coronavirus pandemic. But a recent release of government records shows that larger companies like Yeezy LLC borrowed funds from the program, The Daily Beast reported.
According to the Treasury Department’s records, Yeezy is listed as a male-owned, Black, or African American business and took out a loan somewhere between $2 million and $5 million. The company claims that 160 people kept their jobs as a result of the loan.
Yeezy is managed by West, according to California records. But the rapper leads an incredibly luxurious lifestyle, along with his wife Kim Kardashian, who was also recently declared a billionaire in her own right.
“I am so proud of my beautiful wife Kim Kardashian West for officially becoming a billionaire,” he recently tweeted.
West is also a vocal supporter of President Donald Trump and he and his wife have separately made numerous visits to the White House — thus potentially posing a conflict of interest.
Beyond his personal wealth, West reportedly made $1.5 billion last year through Yeezy. This was largely attributed to sales of his high-priced sneakers.
The goal of the PPP is to provide relief to businesses with under 500 employees, and the funds borrowed are written off by the government if they are used to retain employees, among other requirements. Democrats have argued that a lack of transparency has potentially marred the program, allowing large businesses to take advantage of the money.
Companies like Shake Shack and Harvard also took out loans but returned the money after facing public backlash.
“The list of 40,000 companies to receive loans of $150,000 and above was made public on Monday after complaints from Democrats that previous rounds of funding were not transparent,” The Daily Beast wrote.
West recently announced that he is planning to run for president in the upcoming 2020 election, earning him mockery and backlash, as The Inquisitr previously reported.
“As you probably could have guessed by this moment, in 2020 I have decided to run for president,” he stated on the Fourth of July.
West has previously said that he will be voting for Trump in the election, and it isn’t clear what steps he has taken to ramp up any sort of campaign.