LA Lakers, valued at $3.7bn, pay back Covid-19 small business relief loan

The Los Angeles Lakers have restored a loan of approximately $4.6 m from coronavirus business succor funds after learning the programme had been depleted

The Los Angeles Lakers have repaid a lend of roughly $4.6 m from coronavirus business easing funds after learning the program had been depleted.

The Lakers applied for the credit under the Small Business Administration’s Paycheck Protection Program, the purposes of the federal government’s $2.2 tn stimulus carton. The Lakers’ entreaty was granted in the first round of deployment, but after the fund led out of money in less than two weeks, the team returned its credit, as did various wealthier business including Shake Shack and AutoNation.

” The Lakers qualified for and received a credit under the Payroll Protection Program ,” the Lakers said in a statement on Monday.” However, formerly we found out the funds from the program had been depleted, we refunded the credit so that financial support would be directed to those most in need. The Lakers remain entirely committed to supporting both our employees and our community .”

The Treasury Department questioned further guidance for the lend program last week, questioning firms not to apply for the funds if they don’t need the cash to survive.

” I’m not a big fan of the fact that they made $4.6 m ,” the treasury secretary, Steve Mnuchin, told CNBC.” I think that’s outrageous .”

Mnuchin included he” would have never expected in a million years that the Los Angeles Lakers” would take such a credit. He also said he was ” glad” the team returned the money,” or they would have had liability .”

The Lakers qualified for the program because they have only about 300 employees. But last year Forbes estimated the team was worth $3.7 bn, fixing it the eighth-most valuable team in the world just behind the New England Patriots and Manchester United.

The 16 -time NBA champs playing in the nation’s second-largest media market, and the team, to be provided by wizards LeBron James and Antony Davis, were on top of the Western Conference when the NBA suspended continue last month.

The Lakers haven’t furloughed or fired any employees during the coronavirus pandemic, and the dealership doesn’t plan to make any cutbacks. The team’s top executives agreed to defer 20% of their wages until last-minute this year or early next year.

Read more: https :// sport/ 2020/ apr/ 28/ la-lakers-small-business-relief-loan-coronavirus-basketball

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