The Los Angeles Lakers scored millions of dollars from a federal government program intended to help small businesses weather the economic burden caused by the coronavirus pandemic.
The Lakers received about $4.6 from the federal government program intended to help small businesses weather the economic burden caused by the coronavirus pandemic, the team said in a statement to ESPN on Monday.
The Lakers, one of the NBA’s most profitable franchises, applied for relief through the Small Business Administration’s Paycheck Protection Program, and were among the companies and nonprofits granted loans during the first round of distributions.
But after reports that several large or highly capitalized entities were securing aid from the program’s initial $349 billion pool — while hundreds of thousands of smaller businesses were shut out — the Lakers said they returned the money. READ MORE:
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