The Los Angeles Lakers have paid back the loan they received from the Payroll Protection Program — a federal government program that was initiated to help small businesses during the coronavirus pandemic.
The Lakers returned roughly $4.6 million on Monday, according to ESPN:
“The Lakers qualified for and received a loan under the Payroll Protection Program,” the Lakers said in a statement. “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.”
The Lakers applied for relief through the Small Business Administration's Paycheck Protection Program, as one of the companies that were granted loans through initial distributions.
Following reports of many large entities receiving aid from the initial $349 million pool, while hundreds of thousands of smaller businesses were shut out, the Lakers decided to return those $4.6 million in full.
The PPP ran out of money fast, as several organizations claimed loans. The program was out of funding in two weeks, leaving many smaller businesses without the assistance they need.
The NBA decided to suspend the regular season back in March due to ongoing concerns with the coronavirus pandemic.
Utah Jazz center Rudy Gobert became the league's first confirmed case in mid-March. His teammate, Donovan Mitchell, tested positively shortly after. Since then, several other players and staffers around the league have contracted the virus. At this point, it's not clear when (or if) play might resume.
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