The Los Angeles Lakers Repaid the 4.6 Million Covid-19 Relief Loan
The professional basketball organization received a $ 4,6 million as a part of the USA government's Paycheck Protection Program when the coronavirus started to spread throughout the world. But the Los Angeles Lakers decided to repay this money.
One of the most expensive teams in the whole NBA (to be more accurate and according to Forbes, the second most expensive) with a valuation of $ 4.4 billion is the latest entity that got and then returned the loan offered as a coronavirus economic relief for small business.
More Info About Loans
To support the business and to relife the anxiety level among the citizens, the USA government decided to propose a loan to every business owner. But, according to the PPP reports, large business companies received much more high-value investments.
Totally $ 349 billion was funded, but those are not enough for everybody, and the loan bag is quickly depleted. That is the main reason why big companies, including Ruth's Hospitality (RUTH), The Los Angeles Lakers, and Shake Shack, said that they would return their multimillion loans.
Why Los Angeles Lakers Got a PPP Loan
The Los Angeles Lakers got such a big loan because they had 303 full time and part-time employees. Our source in the Lakers organization said that the company doesn't plan to lay off or furlough anybody for now.
At the same time, the Laker's top stars are agreed to donate 20% of their salaries for other employees' payments.