The Lakers joined Shake Shack and AutoNation in returning the loan once it learned the Paycheck Protection Program fund had run out.
LOS ANGELES — The Los Angeles Lakers have repaid a loan of roughly $4.6 million from coronavirus business relief funds after learning the program had been depleted.
See also: CrossFit’s ‘Fittest Man on Earth’ and ‘Fittest Woman on Earth’ offer tips on how to stay in shape while stuck at home“The Lakers qualified for and received a loan under the Payroll Protection Program,” the statement read. “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 Lakers remain completely committed to supporting both our employees and our community.
The Treasury Department issued further guidance for the loan program last week, asking companies not to apply for the funds if they don’t need the cash to survive.
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.
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 »
Kobe Bryant's Final Season With Lakers Was Filmed for DocumentaryBefore passing away, Kobe Bryant was working on a documentary detailing his final year on the Los Angeles Lakers. 🏀
Read more »
Even The LA Lakers Got A PPP Small Business LoanThe 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.
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 »
L.A. Lakers qualified for an emergency PPP loan — why didn't nonprofits?Not only are nonprofits being skipped over by coronavirus-related aid, they have had to cancel valuable fundraising events because of social distancing lockdowns.
Read more »