Kanye West’s clothing brand, Hollywood production companies on pandemic loan list

LOS ANGELES (Reuters) – Companies backed by renowned artists Kanye West and Francis Ford Coppola were among those approved for loans under a US government program to help companies survive the coronavirus pandemic, according to a list released Monday.

Billionaire rapper West Yeezy’s clothing brand has been cleared for a $ 2 to $ 5 million loan 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 assist workers in companies and nonprofits with fewer than 500 employees affected by closures and other measures designed to slow the spread of the new 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 asked for PPP help after filming stopped in mid-March, leaving 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, led by writer / director Apatow.

An Apatow spokeswoman said she received $ 160,000 under the program but immediately returned it.

The Jim Henson company received approximately $ 2 million, which allowed it to keep all of the staff of 75 workers employed, company spokeswoman Nicole Goldman said.

Other loan applicants from the entertainment world included Francis Ford Coppola Presents from filmmaker Coppola, a lifestyle brand that markets movies, wine and other products,

and electronic sports company FaZe Clan, according to the SBA.

Cinema operators, who were forced to close in March, also asked for help. Loan-approved theater chains included Laemmle theaters and California-based Regency theaters, according to the government list.