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 (
The PPP applications went to a few big banks to start with. These banks wanted to hand the money to their biggest customers first.., slap on faces
Reuter’s you reported the action correct as to what happened. NBCNews reported the richest island in Florida given 2 million dollars acted as they took the money. The Association voted and refused the money. Now you can see how President Trump feels when CNN tell half truths!
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Why return it to a dysfunctional government? They should have just given to local businesses who really need it. Sending it back to the shit show in Washington it will most likely be sent to the Dallas Cowboys.
Real class.
Hay how iz the lake is the egg plant wel'e growing moursaidea'ce
What a shitshow. Why would they think they're a small business to begin with? Why would any reasonable person think they qualify? I want to see that application! The first page should list criteria to determine eligibility. I also want to see the recipients and $ awarded.
JeanieBuss doesn't want or need a hand-out.
if you can afford to pay javale mcgree a $4M salary you MIGHT not need the $4.6M PPP benny lol
Cool. Did they apply for it?
Their arena looks like a giant Fleshlight.
No wonder the fund run out that fast.
You have got to be kidding me. Meanwhile, small businesses are being denied loans or miss out because of the mad rush by Ruth’s Chris, Shake Shack, and the Lakers?!?!
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Source: CNBC - 🏆 12. / 72 Read more »