How did a basketball team worth 4.6 BILLION dollars get millions of our tax dollars that were supposed to go to small businesses to get through the coronavirus shutdowns?
Worse, they didn’t just get it by accident. The Lakers applied for the cash. And GOT it!
The Los Angeles Lakers sought and received $4.6 million from a federal government program intended to help small businesses get through the coronavirus pandemic, reports say.
They think they are a “small business” because they only employ 300 people.
Ultimately, team executives decided to refuse the cash after learning that other large corporations were catching flack for taking the small business loans when so many actual small businesses were unable to secure some part of the program’s $349 billion fund.
“The Lakers qualified for and received a loan under the Payroll Protection Program,” the Lakers said in a statement on Monday. “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 federal program was part of the $2.2 trillion coronavirus relief passed on April 3. The funds were part of the Paycheck Protection Program, but the $349 billion set aside for PPP quickly ran out of cash, leaving many small businesses in the lurch.
However, a list of big corporations was able to quickly apply and receive millions in loans despite being worth millions, and even billions, already.
Congress has re-authorized the PPP but moved to change the rules to prevent multimillion-dollar corporations and entities such as the L.A. Lakers from being eligible to apply for the loans meant for small businesses.
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