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Billionaire rapper West's clothing brand Yeezy
received clearance for a loan of between $2 million and $5
million under the Paycheck Protection Program, the U.S. Small
Business Administration said.
The company said the loan would save 160 jobs, according to the
SBA.
The PPP was established to aid workers at companies and
nonprofits with fewer than 500 employees hurt by closures and
other measures meant to slow the spread of the novel coronavirus.
The list released Monday gave the most-detailed accounting to
date of who applied for and was approved to receive funds.
Several Hollywood production companies applied for PPP aid after
filming was halted in mid-March, putting tens of thousands of
cast and crew members out of work. Approved applicants included
The Jim Henson Company, creator of the Muppets, and The Apatow
Company, run by writer/director Apatow.
A spokeswoman for Apatow said he received $160,000 under the
program but immediately paid it back.
The Jim Henson Company received roughly $2 million, which
enabled it to keep the entire staff of 75 workers employed,
company spokeswoman Nicole Goldman said.
Other loan applicants from the world of entertainment included
filmmaker Coppola's Francis Ford Coppola Presents, a lifestyle
brand that markets films, wine and other products,
and e-sports company FaZe Clan, according to the SBA.
Cinema operators, which were forced to close in March, also
applied for relief. Theater chains approved for loans included
California-based Laemmle Theatres and Regency Theatres, the
government list said.
(Reporting by Lisa Richwine; Editing by Tom Brown)
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