LOS ANGELES —
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 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.
Any consequences? Nope. Just don’t do it again 👋
Since when are the Lakers a small business?