Lakers Return $4.6 Million from Stimulus Loan Program
LOS ANGELES (AP) — The Los Angeles Lakers have repaid a loan of roughly $4.6 million from a coronavirus relief program after learning the program’s funds had been depleted. The Lakers applied for the loan under the Small Business Administration’s Paycheck Protection Program, and they received it in the first round of distribution. The team returned its loan after the fund ran out of money in less than two weeks. So did several wealthier business that had applied for the funds, including Shake Shack and AutoNation. 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 $4.4 billion.