The Los Angeles Lakers' $4.6 million loan was 'outrageous,' Treasury Secretary says as team returns money meant for small businesses
"However, 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."Going forward, companies can expect a more thorough review as the $310 billion in fresh funding for the program is doled out.
"I'm gong to be putting out an announcement this morning, that for any loan over $2 million, the SBA will be doing a full review of that loan before there is loan forgiveness,"Something is loading. Do you have a personal experience with the coronavirus you'd like to share? Or a tip on how your town or community is handling the pandemic? Please emailfrom Business Insider Intelligence on how COVID-19 is affecting industries.
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Los Angeles Lakers Received and Returned Their Coronavirus LoanThe Los Angeles Lakers received and then returned a loan from the federal government’s Paycheck Protection Program for small businesses, the team said.
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The Los Angeles Lakers received $4.6 million from federal loan program — but returned itThe Lakers, one of the most profitable franchises in the league, secured aid through the government's Paycheck Protection Program.
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Fatcat Los Angeles Lakers Returning $4.6 Million In Taxpayer Stimulus FundsGiving taxpayer money to a $4.4 billion franchise doesn't seem like aid to a small business.
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Los Angeles Lakers return $4.6 million loan received from Paycheck Protection Program“The Lakers qualified for and received a loan under the Payroll Protection Program. However, 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.'
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Coronavirus curve 'beginning to flatten' in Los AngelesThe global coronavirus pandemic has brought countries around the world to a standstill. Here's the latest updates on worldwide Covid-19 cases, deaths, government responses, and more.
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Los Angeles Lakers got $4.6 million in coronavirus federal loan money for small business, but repaid itThe Lakers have returned that money after learning that the pool of federal loan assistance from the Small Business Administration's Paycheck Protection Program had been drained of cash because of the huge demand for it, according to the franchise.
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