Kanye West’s Yeezy, MPTF, AFI Approved for Multi-Million Dollar Federal Loans
Kanye West’s clothing brand Yeezy, the Motion Picture and Television Fund, the Gersh Agency, and the American Film Institute are some of the companies that have been approved for multi-million dollar federal loans through the Paycheck Protection Program, according to documents released by the Small Business Administration. Monday.
While it is not immediately clear the exact amount each company was approved for, MPTF and the Gersh Agency are listed as having obtained approval for a loan in the range of $ 5-10 million to help. to save 472 and 250 jobs, respectively. AFI is listed as approved for a loan in the range of $ 2-5 million to help save 307 jobs, while Yeezy LLC has been approved for a loan in the same range to help keep 106 jobs.
Other recipients include Bustle Digital Group and New York Public Radio for loans in the range of $ 5-10 million to help retain 450 and 467 jobs, respectively; and Agency for the Performing Arts, Jazz at Lincoln Center and Cinedigm for loans in the range of $ 2 million to $ 5 million to help save 100, 358 and 122 jobs, respectively.
PPP loans, which were created to help small businesses that have been affected by the COVID-19 pandemic, are intended for businesses with 500 or fewer employees to help cover salary costs. Funding comes from participating banks and credit institutions, which are guaranteed by the SBA. Data released by the SBA only shows companies that have been approved by their respective lending institutions, but does not necessarily mean that the SBA has reviewed the loan and determined that the borrower “has complied with the rules of the program or is eligible to receive a PPP loan and loan forgiveness. ”, According to a warning published with the files.