The hefty payout is part of the Paycheck Protection Program from the Small Business Administration and is part of the stimulus distributed by the United States government in response to the Coronavirus pandemic. The SBA has revealed that YEEZY’s loan is between $2 million and $5 million USD, reportedly saving 106 jobs at the company.
Designed to aid businesses with 500 or fewer employees struggling financially, the loan is “forgivable if businesses spend the funds on eligible costs, but the amount of forgiveness is reduced if a company reduces the headcount of full-time employees or cuts pay by more than 25 percent. Covering eight weeks of payroll, the safety net helps with “up to two and a half times the company’s average monthly payroll costs, up to $10 million with a cap of $100,000 per employee.”
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