Kanye West’s Got A Multimillion-Dollar PPP Loan From Trump Admin

Billionaire rapper and shoe designer Kanye West’s company has received a multimillion-dollar loan as part of the fed-eral government’s Covid-19 sti-mulus package, according to records released Thursday by the U.S. Tre-asury’s Small Business Administration.

The money was handed out in the latest round of the Paycheck Protection Program, part of the Trump administration’s $2 trillion CARES Act designed to provide economic relief to small businesses during the pand-emic.

Yeezy LLC, a California company, is listed in the Tre-asury’s log as a recipient of a loan worth between $2 million and $5 million. The company self-identified as being male-owned and Bla-ck or African-American business. It said 160 jobs were saved using the loan.

California business records list Kanye West as the manager of Yeezy LLC, a holding company established in Delaware and run out of a La Palma, California, office. West’s Yeezy sneaker empire reportedly made $1.5 billion last year.

West’s loan poses major questions of confli-ct of interest, given West’s outspoken support for President Donald Trump, his multiple visits to the White House, and the outr-ageously lavi-sh lifestyle he leads with wife Kim Kardashian West.

Both he and his wife have celebrated atta-ining billionaire status recently. After being effe-ctively br-oke years ago, West turned his fortunes around with his best-selling Yeezy sneakers and atta-ined billionaire status in April, according to Forbes.

Last week, his wife claimed to be a billionaire, too. “I am so proud of my beautiful wife Kim Kardashian West for officially becoming a billionaire,” West tweeted, alongside a photo of some vegetables.

PPP loans, available for companies with fewer than 500 employees, are written off by the government if companies spend the money on eligible costs and retain a certain percentage of staff during the pande-mic.

The list of 40,000 companies to receive loans of $150,000 and above was made public on Monday after complai-nts from Dem-ocrats that previous rounds of funding were not transparent.

The program has been pla-gued with issues, from digital portals that crashed as soon as applications opened, to banks prioritizing their biggest customers, to Trump-friendly companies receiving big loans. Several large companies, like Shake Shack and Harvard, returned loans after attracting neg-ative publicity.

Loans of $150,000 and above represent about 13 percent of all loans approved but about three-quarters of total loan dollars approved, according to CNBC.

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