Lakers Return A 4.6 Million Dollar COVID-19 Relief Loan
The Lakers have returned a $4.6 million coronavirus relief loan, according to multiple reports.
The Lakers applied for a loan through the Small Business Administration's Paycheck Protection Program, which aimed to help small businesses during the COVID-19 pandemic.
The program, which had a $349 billion pool, was launched April 3 but the funds were quickly depleted and there were reports that many small businesses weren't able to get money while some large businesses received high-value loans.
"The Lakers qualified for and received a loan under the Payroll Protection Program," the Lakers said in a statement to ESPN. "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 remain completely committed to supporting both our employees and our community."
Earlier this month, the Lakers asked some of their top-earning executives to voluntarily defer 20 percent of their salary to help protect the jobs of some lower-paid employees.
"Anything I can do to be a part of an initiative that allows people to keep their jobs during crisis and hard times, I'll be a part of that," Lakers general manager and vice president of basketball operations Rob Pelinka said in a conference call on April 8.
The NBA season has been suspended since March 11 to help stop the spread of the COVID-19 pandemic.
NBA commissioner Adam Silver said he won't make any decisions about whether the season will resume at least until May.
