Los Angeles Lakers Return $4.6 Million It Received From Federal Small Business Stimulus Program

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. The Lakers applied for the loan under the Small Business Administration’s Paycheck Protection Program, a part of the federal government’s $2.2 trillion stimulus package. The Lakers’ request was…


395
1.4k shares, 395 points


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.

The Lakers applied for the loan under the Small Business Administration’s Paycheck Protection Program, a part of the federal government’s $2.2 trillion stimulus package. The Lakers’ request was granted in the first round of distribution, but after the fund ran out of money in less than two weeks, the team returned its loan, as did several wealthier business including Shake Shack and AutoNation.

The Lakers issued a statement Monday confirming what happened.

“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.”



ESPN first reported the Lakers’ decision.

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.

The Lakers qualified for the program because they have only about 300 employees. But the team is thought to be the NBA’s second-most valuable franchise, with Forbes estimating a value of roughly $4 billion.

The 16-time NBA champions play in the nation’s second-largest media market, and their current roster led by superstars LeBron James and Antony Davis was on top of the Western Conference when the NBA suspended play last month.

The Lakers haven’t furloughed or fired any employees during the coronavirus pandemic, and the franchise doesn’t plan to make any cutbacks. The team’s top executives agreed to defer 20% of their salaries until later this year or early next year.

The Coronavirus Brief. Everything you need to know about the global spread of COVID-19

Thank you!

For your security, we’ve sent a confirmation email to the address you entered. Click the link to confirm your subscription and begin receiving our newsletters. If you don’t get the confirmation within 10 minutes, please check your spam folder.

Contact us at editors@time.com.

Read More…


Like it? Share with your friends!

395
1.4k shares, 395 points

What's Your Reaction?

hate hate
132
hate
confused confused
663
confused
fail fail
464
fail
fun fun
265
fun
geeky geeky
199
geeky
love love
663
love
lol lol
66
lol
omg omg
265
omg
win win
530
win

0 Comments

Your email address will not be published. Required fields are marked *

Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format