Lakers Received $4.6 Million Coronavirus Small Business Loan, But Returned ItPopculture.com
April 29, 2020
The Los Angeles Lakers have returned a small business loan worth approximately $4.6 million. The money was provided as part of a federal government focused on supporting small businesses impacted by the COVID-19 outbreak. The Lakers had originally applied for the loan through the Small Business Administration's Paycheck Protection Program but returned the money after learning that hundreds of thousands of small businesses were shut out.
The program was established as part of the $2.2 trillion CARES Act and was launched on April 3. Small businesses were provided with the opportunity to apply for and receive loans to cover employee salaries and other expenses. The loan is forgivable provided 75 percent of the funds are spent on payroll and that none of the employees are fired. The Lakers were eligible for the loan due to having roughly 300 employees.