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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsKanye West Sneaker Brand Received Millions From Government Loan
Yeezy LLC, the sneaker company founded by musician and designer Kanye West, received a loan of $2 million to $5 million as part of a federal relief program for U.S. small businesses.
The Small Business Administration on Monday released details of almost 4.9 million loans under the Paycheck Protection Program. The aid allowed Yeezy to retain 106 jobs, according to the SBA database. PPP loans are forgivable if businesses spend most of the funds on payroll and other approved costs.
Yeezy designs sneakers that are sold through a manufacturing and distribution arrangement with Adidas AG. Last month, it also announced a partnership with Gap Inc. that caused the shares to spike on optimism that the deal would help revive sales at the chain.
A spokesperson for Yeezy didnt immediately reply to an email seeking comment. The Hollywood Reporter published details of Yeezys loan earlier Monday.
https://www.bloomberg.com/news/articles/2020-07-06/kanye-west-sneaker-brand-received-millions-from-government-loan
JI7
(89,287 posts)where all the money went ?
Doodley
(9,176 posts)questionseverything
(9,666 posts)n/t
keithbvadu2
(37,039 posts)"forgivable if businesses spend most of the funds on payroll and other approved costs"
Money is fungible. It will go wherever it is sent.
If they take the previously allocated company budgeted payroll money and put it into another company function and then place the PPP money into payroll, will that satisfy the 'forgiveness' conditions?