By Matthew Roscoe • Published: 22 Dec 2020 • 16:47
COMING off the back of the US Congress passing the COVID relief bill, it has been revealed that billionaire Kanye West received a multimillion-dollar PPP loan, leading to criticism.
The rapper, who came runner up to Kylie Jenner in Forbes highest-paid celebrity’s of 2020, has made millions with his fashion company Yeezy, yet despite the COVID relief scheme only promising to pay struggling US residents stimulus checks of up to $600 (€492), Yeezy received more than $2 million (€1.6 million) through the Paycheck Protection Program (PPP).
Yeezy, which West owns 100 per cent of, received between $2 million and $5 million (€4 million) through the PPP and said it saved 106 jobs, according to a report disclosed by the U.S. Treasury’s Small Business Administration (SBA) Monday, December 21.
One user tweeted: “Kanye West made $170 million (€139 million) this year, but took a $2-5 million PPP loan from the federal government that could have gone to a small business whose owner didn’t have it sitting in his personal bank account. It was 2% of Kanye’s income. This is wrong.”
https://twitter.com/robertjdenault/status/1339216117605265410
It was also revealed that as well as Kanye; Khloe Kardashian, Tom Brady, Jared Kushner’s family, billionaire developers—all snapped up these loans.
However, the PPP received complaints about banks prioritising big customers and favouring companies with ties to the Trump Administration, no doubt caused from West’s close relationship with Trump and their October 2018 meeting in the Oval Office.
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Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com.
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