Ventures backed by big-name entertainers Kanye West and Francis Ford Coppola were among those approved for loans under a U.S. government program to help businesses survive the coronavirus pandemic, according to a list released on Monday.
FILE PHOTO: Rapper Kanye West speaks during a meeting with U.S. President Donald Trump to discuss criminal justice reform in the Oval Office of the White House in Washington, U.S., October 11, 2018. REUTERS/Kevin Lamarque
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 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.
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.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,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.
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