The PPP loans are primarily designed to help small businesses with fewer than 500 employees pay salaries and are forgivable if 75 percent of the money is used on payroll and no employees are let go. A portion of the loans can also be used to pay for expenses like mortgage or rent.The Lakers have fewer than 500 employees and were thus able to qualify under the program's loose guidelines, despite being valued at more than $4 billion.
"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 team said in a statement."The Lakers remain completely committed to supporting both our employees and our community." A second round of PPP money was added Monday. But the SBA gave new guidance discouraging companies like the Lakers, which have access to capital from other sources, from applying., which franchises can now draw from if they're in need of cash.
No other NBA teams received PPP funds, according to a source with knowledge of the situation who asked not to be named to discuss league business. With the NBA season suspended, teams risk losing millions in revenue from ticket sales and unfulfilled television commitments. The Lakers said they won't furlough employees and issued salary deferrals for the most senior employees.Ahiza García-Hodges covers the intersection of media, tech, sports and business.
Thank God people are sick & dying families are hungry wtf is Trump doing. Doesn’t have a health care plan 3 yrs & zero
How the hell are the Lakers considered a small business? JeanieBuss YOU have a lot of explaining to do. So disappointing.
Small business money should have went to... small businesses.
And to think that some shouted down the assertion that this program needed transparency and a watchdog. This is why. Because people.
Shame on them.......
DISGUSTING corrupt politics.
Shows how out of touch elected leaders are. No thought on putting a limit on gross income? Today, with the internet you can have a sole proprietor with himself as a single employee rake in millions and qualify as having under 500 employees.
This is exactly y American citizens hate government & corporations. Most r corrupt, selfish & greed ridden. They could care less about regular American citizens unless they can figure a way 2 get more moneys from them. Most r lawyers & r use 2 everything going their way in life
So had the money not “run out” this billion dollar organization would have had no qualms about pocketing taxpayer dollars.
What part of SMALL business dont these people understand?
JRM319, look at this article that does a good job of following the Inverted Pyramid writing style. It is very interesting as well
Who the hell was overseeing this? Oh, never mind.
They should be fined triple the amount received
Why did they get small business money anyways!! They should return it!
IT WAS RETURNED FAKE NEWS NBC THEY DONT WANT ANYONE TO SEE THE TRUTH The White House WhiteHouse · 23m LIVE: President realDonaldTrump holds a news conference
Wouldn't that mean that they filled out an application? It's not like they were just handed a check.
China made up for it...right SteveKerr ?
Wouldn’t have received the money without applying for it in the first place SAD
how did they get the money when they don't need it
Thanks for that, Lakers.
There should be a better way for small businesses to receive money than going through the banks. The banks are choosing who they want to have the money.
fire the fuck that applied for it.
Really and some tickets cost half a million a season wow
Why not give it to ppl who need it?
Wow the rich gets money and the poor gets poorer
Release a player from contract and you could feed a community. The hell?
How horribly screwed up is our Federal Government?
They’d better be taking care of the popcorn 🍿 and coke sellers. The b-ball players and owners are on their own.
it is great that this money goes back to the government, but what’s wong with the system?
Greedy fucks! I would like to see a list of all the company that received funds.
They had no business applying
I don't think I could be more pissed off right now as I keep hitting refresh waiting for SBAgov to reopen the COVID19 assistance online applications for REAL small business owners like me!
Shameful
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