The Los Angeles Lakers were the only one of the NBA's 30 franchises to request and receive a Paycheck Protection Plan (PPP) loan from the federal government.

Via Darren Rovell of the Action Network.

As Rovell notes, ESPN's Kevin Arnovitz previously reported that the Lakers returned the approximately $4.6 million loan they received via the Small Business Administration's program.

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The PPP is intended to assist small businesses manage heavy layoffs during economic crises. For example, such as the one the United States is facing now amid the coronavirus pandemic. Many large companies, including restaurant and retail chains and have controversially received money from the $349 billion initially allotted by the Small Business Administration. Meanwhile, small businesses and nonprofits around the country still await financial aid from the government. Chains like ShakeShack and AutoNation have agreed to return the money they received through the program. In other words, the Lakers don't really fit into the “small business” category.

The loans are forgiven if the companies retain or rehire workers. The Lakers—one of the league's most profitable franchises backed by multiple billionaires—promised not to lay off or furlough any employees during the pandemic. Senior staff deferred their salaries, too.

“The Lakers qualified for and received a loan under the Payroll Protection Program,” the organization said in a statement given to ESPN. “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.”

Forbes recently listed the Lakers as NBA's second-most valuable franchise ($4.4 billion), trailing the New York Knicks ($4.6 billion).