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Kanye West's Yeezy Received Millions From Covid-19 PPP Loan

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US rapper Kanye West's Yeezy has received over $2 million in loans through the Paycheck Protection Program.

Yeezy, a company formed by the musician, received a loan between $2 million and $5 million, according to the the Small Business Administration. The Small Business Association on Monday released data of all the companies that were granted more than $150,000 from the loan program.

Meanwhile, Yeezy disclosed that it saved 160 jobs because of the program, which was initiated to help businesses struggling during the novel coronavirus pandemic.

Yeezy recently announced a major deal with apparel retailer Gap for hoodies and T-shirts that will be sold in the chain's 1,100 stores.

The Paycheck Protection Program (PPP) is a $669-billion business loan program established by the US Federal government Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help certain businesses, self-employed workers, sole proprietors, certain nonprofit organizations, and tribal businesses continue paying their workers.

The Paycheck Protection Program allows entities to apply for low-interest private loans to pay for their payroll and certain other costs. The amount of a PPP loan is approximately equal to 2.5 times the applicant's average monthly payroll costs.

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