Possible 2020 Presidential nominee Kanye West received between
$2 and $5 million in pandemic bailout money this week for his Yeezy company. This news arrives three months after
Forbes published an article in which Kanye chastised the magazine for under valuing his net worth, which the rapper says is $3.3 billion. Once again, that’s billion with a B.On Monday, the Small Business Administration disclosed which companies were part of the
Paycheck Protection Program or PPP. West’s fashion label Yeezy was approved for a loan somewhere between $2 and $5 million, which was granted to help continue the payroll for the company’s 106 employees. Under the PPP, West must guarantee his employees retain their jobs for at least eight weeks after funding has been received in order to keep the bailout money. Guaranteeing jobs at any time, especially during the ongoing global pandemic that has resulted in
record high unemployment rates, is easy to support. What’s not easy to support is West receiving bailout money that he could cover with change found in his couch while other small businesses are forced to close their doors and leave employees jobless.[video_embed id='1978317']RELATED: Kanye West is launching a Yeezy cosmetics line[/video_embed]In 2019,
Bloomberg valued West’s Yeezy business, which includes clothing and sneakers, at $3 billion. West’s other assets, which include his music catalogue and four homes located in California and Wyoming, add an additional $200 million in assets. Like most industries, the fashion industry has seen a
major downturn during the pandemic, but West’s stock continues to rise. The Grammy winner signed a new deal with The Gap in June, which is estimated to generate
$1 billion in annual sales. It’s unclear what percentage of those sales will go directly into West’s affordable khaki pockets, but it’s safe to assume the number will be big.West’s wife Kim Kardashian West has also recently signed a new
deal with Coty for a 20 percent or $200 million stake in her KKW beauty line. The deal will include expansions into the hair, nail and skincare industries. While it’s still up for
debate on whether Kardashian West’s latest deal pushes her into the billionaire club with her husband, one thing that is clear is that the couple’s combined wealth means that covering a $5 million bailout is well within their reach.Other high profile companies, including the Jim Henson Co., which received $2 million to help keep its staff of 75 people employed, have received bailout money. As COVID-19 continues to keep film and movies sets closed, many media companies received PPP, including talent agencies like the Verve Talent and Literary Agency, which received between $5 million and $10 million to help cover pay cheques for 250 employees. Director and writer Judd Apatow and his Apatow Co. were given $160,000 in bailout funds, but returned the money.On Saturday, West
announced his intention to run for President in the upcoming 2020 election. The G.O.O.D. Music founder tweeted the news, writing “We must now realize the promise of America by trusting God, unifying our vision and building our future. I am running for president of the United States.” Not now, Kanye.[video_embed id='1989882']RELATED: Kanye announces 2020 presidential run[/video_embed]
