The Los Angeles Lakers returned $4.6 million that the team received from the U.S. government's Paycheck Protection Program, meant to help small businesses hit by shutdown measures
NEW YORK - The Los Angeles Lakers returned a loan obtained through the U.S. government’s Paycheck Protection Program , the team confirmed on Monday, after learning that funds in the federal program had been depleted.
The loans were intended to help smaller businesses with no more than 500 employees cover employee payroll and rent, with large sectors of the U.S. economy frozen amid coronavirus lockdowns and social distancing mandates. “The Lakers qualified for and received a loan under the Payroll Protection Program,” the team confirmed to Reuters. “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.”
The 16-time NBA Finals champions, one of the most valuable teams in the league according to Forbes, had received a reported $4.6 million loan through the program. The Lakers’ decision comes as some large, publicly traded U.S. companies face backlash for obtaining aid from the program through a loophole, with a handful including Ruth’s Hospitality Group Inc (
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.
Fatcat Los Angeles Lakers Returning $4.6 Million In Taxpayer Stimulus FundsGiving taxpayer money to a $4.4 billion franchise doesn't seem like aid to a small business.
Read more »
Los Angeles Lakers Received and Returned Their Coronavirus LoanThe Los Angeles Lakers received and then returned a loan from the federal government’s Paycheck Protection Program for small businesses, the team said.
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 »
Los Angeles Lakers' small business PPP loan 'outrageous,' Mnuchin says - Business InsiderTreasury Secretary Mnuchin said on CNBC Tuesday that he's a big fan of the team, but not of it receiving a loan meant for small businesses.
Read more »
Los Angeles Lakers got $4.6 million in coronavirus federal loan money for small business, but repaid itThe Lakers have returned that money after learning that the pool of federal loan assistance from the Small Business Administration's Paycheck Protection Program had been drained of cash because of the huge demand for it, according to the franchise.
Read more »