The Los Angeles Lakers have returned approximately $4.6 million that they received from a federal government program intended to help small businesses weather the economic burden caused by the coronavirus pandemic, the team said in a statement.
The Lakers, one of the NBA’s most profitable franchises, applied for relief through the Small Business Administration’s Paycheck Protection Program, and were among the companies and nonprofits granted loans during the first round of distributions.
RELATED: Shaquille O’Neal Helps Pay Funeral Costs for 11-year-old Boy Killed in Louisiana Car Crash
But after reports that several large or highly capitalized entities were securing aid from the program’s initial $349 billion pool, while hundreds of thousands of smaller businesses were shut out, the Lakers said they returned the money.
Flip the Page to Read their statement:
