Los Angeles Lakers Give Back $4.6 Million Coronavirus Relief Loan The Lakers recently announced their decision to return a roughly $4.6 million loan that was granted to them by the federal government.
The organization was initially granted the loan after applying for the Small Business Administration's Paycheck Protection Program.
The program was launched on April 3 with the intention of supporting small businesses during the COVID-19 pandemic.
However, recent reports have shown that larger, deep-pocketed companies are benefitting the most from the $349 billion pool of funds.
In less than two weeks, the program had already allocated all of its funds, leaving many small businesses without the support they desperately need.
After learning of the program’s depleted funds, the Lakers decided to return their loan so that those funds could be redistributed to others.
Los Angeles Lakers, via statement If needed, the Lakers can take advantage of the credit line offered by the NBA to its teams, which was extended to $1.2 billion shortly after the league’s season was suspended.
The Lakers’ franchise also has three billionaire minority partners and was estimated to be worth more than $4 billion prior to the COVID-19 outbreak.
Los Angeles Lakers, via statement