The Los Angeles Lakers have returned about $4.6 million that came via the payroll protection act in the $2.2 trillion CARES Act.
The government program aimed to help businesses during the coronavirus pandemic and economic shutdown.
Los Angeles originally applied for the loan but after being accepted into the program and seeing thousands of other small businesses get shut out after the funds were depleted, the Lakers decided to return the money.
Lakers are not the only business to have qualified for a PPP loan--despite the program being designed for small businesses.
A number of public companies have both applied and qualified for the loans: Potbelly's, AutoNation, Shake Shack, Ruth’s Hospitality--which owns Ruth’s Chris to name a few.
The Lakers franchise estimated value is more than $4 billion dollars.
PPP, which ran out after just two weeks, has gotten fresh funding after President Trump signed a new bill into law, has a newly allocated $320 billion for small businesses.
The Lakers do not qualify for the newest round of PPP funding, which is not available for businesses that have access to liquidity and the credit markets.
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