Giving taxpayer money to a $4.4 billion franchise doesn't seem like aid to a small business.
first round of the Paycheck Protection Program
, ESPN was the first to report. The loans are forgiven if recipients use the money for certain expenditures, such as wages and rent. “Once we found out the funds from the program had been depleted, we repaid the loan so that financial support would be directed to those most in need,” the team said in a statement to ESPN. “The Lakers remain completely committed to supporting both our employees and our community.”
Lakers managers have vowed not to lay off any employees, and senior staff took a 20% payroll deferral earlier this month.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Two Men Allegedly Tried To Charge $4 Million For Face Masks And Respirators They Didn't HaveThe men even went so far as to seal and shrink-wrap empty boxes, slapping fake 3M labels on some, federal officials said.
Read more »
Post Malone's Concert Raises Over $4 Million for COVID-19 ReliefPost Malone and Travis Barker paid homage to Nirvana while raising money for coronavirus relief efforts. 🎸
Read more »
Brazil's Embraer says Boeing 'wrongfully terminated' deal for $4 billion tie-upBrazilian aircraft manufacturer Embraer says that Boeing “wrongfully terminated” a deal for a $4.2 billion tie-up.
Read more »
The Los Angeles Lakers received $4.6 million from federal loan program — but returned itThe Lakers, one of the most profitable franchises in the league, secured aid through the government's Paycheck Protection Program.
Read more »
Los Angeles Lakers return $4.6 million loan received from Paycheck Protection Program“The Lakers qualified for and received a loan under the Payroll Protection Program. However, once we found out the funds from the program had been depleted, we repaid the loan so that financial support would be directed to those most in need.'
Read more »