(Los Angeles, CA) — The Los Angeles Lakes are returning their four-point-six-million-dollar loan they received through the federal Paycheck Protection Program.
ESPN reports the Lakers qualified to receive the loan as part of the CARES Act, but decided to return the funds once they became aware the PPP, meant for small businesses, had run dry.
Forbes reported last year that the Lakers are the eighth most valuable sports franchise in the world and are worth around three-point-seven-billion-dollars.
Reportedly, the Lakers were the only NBA Franchise to ask for a loan from the small business association. Having around 300 employees made the eligible for the money.