The Los Angeles Lakers are returning a loan they received through the paycheck protection program of the CARES Act stimulus, raising serious questions as to how one of America’s most valuable pro sports franchises was able to secure funds from the program.
The Lakers will return $4.6 million to the federal government, having sought out a loan of their own accord. A spokesman for the team claimed they had decided to return the money after learning that the program had been depleted, although it appears possible they were shamed into giving back the loan.
“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.”
Read the full story from Big League Politics
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