(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.
(AP) – Russia is sending a plane with medical supplies such as masks to help the U.S. fight the coronavirus pandemic. The plane will arrive today after President Trump accepted an offer earlier this week from Russian President Vladimir Putin to send personal protective equipment and other gear.
The Russian Ministry of Foreign Affairs tweeted a photo of its largest cargo aircraft filled with boxes of masks and equipment to “help save the lives of American citizens.”
Trump Administration officials say the U.S. will immediately put items to use that are approved by the Food and Drug Administration.