Lakers Return Federal Relief Loan Worth $4.6 Million
The Los Angeles Lakers returned a $4.6 milliion loan they received from a federal government program focused on helping small businesses during by the coronavirus pandemic, as relayed by Melissa Rohlin of Sports Illustrated.
“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 said in a statement. “The Lakers remain completely committed to supporting both our employees and our community.”
The franchise applied for relief through the Small Business Administration’s Paycheck Protection Program. The Lakers decided to return the money after learning many small businesses were shut out of the program.