L.A. Lakers received $4.6 million from federal loan program -- but returned it
Source: NBC
The Los Angeles Lakers qualified for and received approximately $4.6 million from the government's Paycheck Protection Program, which was established to provide relief to small businesses suffering during the coronavirus pandemic. The Lakers eventually returned the money.
The team, one of the most profitable franchises in the NBA, was able to secure a Small Business Administration loans during the first round of distributions. The $349 billion dedicated to the program was quickly depleted as companies of all sizes rushed to get loans.
The Lakers qualified for a loan under the Payroll Protection Program but the team promptly decided to repay the funds," NBA spokesman Mike Bass said in a text message.
While many large and public companies received funding, hundreds of thousands of smaller businesses did not, despite being the intended recipients. After public scrutiny grew, many of the larger companies such as Ruth's Chris Steak House, Shake Shack and Sweetgreen said they would return the money.
Read more: https://www.nbcnews.com/business/business-news/l-lakers-received-4-6-million-federal-loan-program-returned-n1193491?cid=sm_npd_ms_tw_ma
Shameful that they would apply for it in the first place. What a clusterfuck.
RT Atlanta
(2,517 posts)that the team & its ownership would apply for relief. Clearly, this is the 'hey man, it's "free money" so we should apply.'
My effin business is 'in line and waiting' along with the other hundreds of thousands of small businesses out there who will use this $ to KEEP THE FUCKING LIGHTS ON IN OUR BUSINESS (AND FOR OUR FAMILIES).
Goddamned Lakers.....
LuckyLib
(6,814 posts)So some bonehead in the front office thinks he might get a promotion out of this? At the same time big business screams about big gubmint. You obviously need to be watched like a hawk! And the loopholes need to be closed!