The Los Angeles Lakers — one of the NBA's most profitable franchises — have returned money they received from a federal loan program intended for small companies. More than 200 public companies are still holding onto money from the program.
are holding onto money from the program. They include three hotel companies tied to Texas entrepreneur Monty Bennett that got a total of $69 million from the program.
The controversy intensified after reports that some of the money went to big restaurant chains, includingLast week, Treasury Secretary Steve Mnuchin stressed that the program is only intended to help companies that can't get money through normal channels like the stock market. The Lakers basketball team received a $4.6 million loan but decided to give it back, according to a statement from the team.
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