Kanye West recently bragged that he was a billionaire. But watchdog groups are questioning why Kanye received $5 million in small business loans.
They say Kanye’s PPP loan is a conflict of interest, given his vocal support of President Trump and his visits to the White House.
According to the Dailybeast.com, Kanye received a multi-million-dollar loan as part of the federal Paycheck Protection Program (PPP) to help small businesses retain their employees and pay their utilities.
Kanye, who recently announced he is running for president, is among a list of millionaires and billionaires who took advantage of the federal program that was intended to help small businesses.
The list of companies with under 500 employees that obtained PPP loans of more than $150,000 was made public on Monday.
Yeezy LLC, a California company, is listed on the Treasury’s log as a recipient of a loan worth between $2 million and $5 million.
The company self-identified as being Black male-owned with 160 employees. West’s Yeezy sneaker division earned over $1.5 billion last year.
Both Kanye and his wife, Kim Kardashian, claim to be billionaires, according to Forbes magazine.
“I am so proud of my beautiful wife Kim Kardashian West for officially becoming a billionaire,” Kanye tweeted.
Trump’s son-in-law Jared Kushner’s company is also on the list after receiving millions in a PPP loan.