Coronavirus Outbreak: NBA's LA Lakers to repay $4.6 million loan in bid to boost depleted COVID-19 relief funds
The Lakers applied for the loan under the Small Business Administration’s Paycheck Protection Program, a part of the federal government's $2.2 trillion stimulus package
Los Angeles: The Los Angeles Lakers have repaid a loan of roughly $4.6 million from coronavirus business relief funds after learning the program had been depleted.
The Lakers applied for the loan under the Small Business Administration’s Paycheck Protection Program, a part of the federal government's $2.2 trillion stimulus package. The Lakers' request was granted in the first round of distribution, but after the fund ran out of money in less than two weeks, the team returned its loan, as did several wealthier business including Shake Shack and AutoNation.
The Lakers issued a statement Monday confirming what happened.
“The Lakers qualified for and received a loan under the Payroll Protection Program,” the statement read. “However, 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.”
ESPN first reported the Lakers’ decision.
The Treasury Department issued further guidance for the loan program last week, asking companies not to apply for the funds if they don't need the cash to survive.
The Lakers qualified for the program because they have only about 300 employees. But the team is thought to be the NBA's second-most valuable franchise, with Forbes estimating a value of roughly $4 billion.
The 16-time NBA champions play in the nation's second-largest media market, and their current roster led by superstars LeBron James and Anthony Davis was on top of the Western Conference when the NBA suspended play last month.
The Lakers haven't furloughed or fired any employees during the coronavirus pandemic, and the franchise doesn't plan to make any cutbacks. The team's top executives agreed to defer 20% of their salaries until later this year or early next year.
Lalhnehpuia Chhakchhuak commits to North Park University with psychology degree and making history on his mind
A 6’1” point guard from Mizoram, Lalhnehpuia Chhakchhuak is fascinated enough by the human mind to want to pursue a degree in psychology. But he is also drawn by the prospect of making history.
In the Western Conference, top seeds Utah outclassed the Memphis Grizzlies 126-110 to wrap up a 4-1 win in the best-of-seven series, with Donovan Mitchell's 30-point haul steering the Jazz into the next round.
Jae Crowder scored 18 points for the second-seeded Suns, who won three consecutive games to send LeBron James to a first-round series loss for the first time in his 18-year NBA career.