Kanye West has received a stake in Trump’s administration’s $2 trillion CARES Act designed to provide economic relief to small businesses during the pandemic.
The loan is part of the federal government’s coronavirus stimulus package and was handed out in the latest round of the Paycheck Protection Program
Yeezy LLC, a California company, is listed in the Treasury’s log as a recipient of a loan worth between $2 million and $5 million.
The company is among 160 jobs salvaged by Trump’s administration amid the coronavirus pandemic.
The self-acclaimed billionaire is 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 posted $1.5 billion last year which poses major questions of conflict of interest based on his affiliation and support of Donald Trump.
Who is eligible for a stake in Trump’s $2 trillion CARES Act
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.
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 pandemic.
The program has been plagued 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 negative publicity.
