The Los Angeles Lakers took $4.6 million from small-business bailout. Now they say they have returne

[Right_in_Virginia]

The Los Angeles Lakers took $4.6 million from small-business bailout. Now they say they have returned it.
The franchise is worth $4.4 billion
The Blaze, Apr 27, 2020

Apparently the Los Angeles Lakers fancied themselves as a small business in need of a government bailout during the coronavirus pandemic. Now the NBA franchise is returning the taxpayer money it received, ESPN reported Monday.

One of the highlights of the $2.2 trillion stimulus package was the $349 billion Paycheck Protection Program. The PPP was created to help small businesses stay afloat in the midst of massive economic turmoil thanks to the coronavirus pandemic that saw millions of layoffs across the country. The program allows the Small Business Administration to give loans to U.S. businesses that can be forgiven, as long as the businesses remain their staff on payroll through June.

The fund was emptied just days after it was opened, and Congress was forced to authorize more funds for it last week.

Part of the reason the funds ran dry so quickly was because companies and organizations that didn't need the money were approved for PPP loans. Shake Shack famously returned $10 million after public outcry. Harvard University was browbeat into returning $8.6 million in PPP funds. A report posted last week revealed nearly $250 million was allocated to large, publicly traded companies.

The L.A. Lakers — one of the nation's most recognizable and profitable sports franchises — felt they needed millions of dollars from the federal government to help them make it through these tough economic times. And the federal government agreed — granting the Lakers a $4.6 million PPP loan.

After days of negative press for wealthy companies and organizations that took PPP money, leading to the quick depletion of funds, the Lakers sent a statement to ESPN announcing that the team returned the millions of dollars intended for struggling small businesses.


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[corbe]

   Doesn't surprise me about the LA Fakers. 

   Somewhat off-topic

   I'm sure that the owner of the Houston Rockets, Tillman, also got some Covid bucks, but unlike the other 29 owners of NBA teams Tillman is heavily leveraged in the Food and Casino Business (Landry's and the Golden Nugget). 
   Possible, my Rockets could go into receivership to Commissioner Silver's other owners, who won't tolerate an NBA team in a market as big as Houston to go below the $2.2B he paid for it a year ago.