Please ensure Javascript is enabled for purposes of website accessibility
Lakers Return $4.6 Million From Stimulus Loan Program
gvw_ap_news
By Associated Press
Published 5 years ago on
April 28, 2020

Share

LOS ANGELES — The Los Angeles Lakers have repaid a loan of roughly $4.6 million from coronavirus business relief funds after learning the program had been depleted.

The Lakers applied for the loan under the Small Business Administration’s Paycheck Protection Program, a part of the federal government’s $2.2 trillion stimulus package. The Lakers’ request was granted in the first round of distribution, but after the fund ran out of money in less than two weeks, the team returned its loan, as did several wealthier business including Shake Shack and AutoNation.

The Lakers issued a statement Monday confirming what happened.

“The Lakers qualified for and received a loan under the Payroll Protection Program,” the statement read. “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.”

The Lakers Qualified for the Program Because They Have Only About 300 Employees

ESPN first reported the Lakers’ decision.

The Treasury Department issued further guidance for the loan program last week, asking companies not to apply for the funds if they don’t need the cash to survive.

The Lakers qualified for the program because they have only about 300 employees. But the team is thought to be the NBA’s second-most valuable franchise, with Forbes estimating a value of roughly $4 billion.

The 16-time NBA champions play in the nation’s second-largest media market, and their current roster led by superstars LeBron James and Antony Davis was on top of the Western Conference when the NBA suspended play last month.

The Lakers haven’t furloughed or fired any employees during the coronavirus pandemic, and the franchise doesn’t plan to make any cutbacks. The team’s top executives agreed to defer 20% of their salaries until later this year or early next year.

RELATED TOPICS:

DON'T MISS

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

DON'T MISS

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

DON'T MISS

Yastrzemski and Chapman Homers Help Giants Rally Past the Brewers

DON'T MISS

Fresno City Council Finally Passes a Tough Smoke Shop Ordinance

DON'T MISS

Fresno Unified Trustee Wittrup Says District Had Stronger Candidates Than Misty Her

DON'T MISS

Trump Poised to Offer Saudi Arabia Over $100 Billion Arms Package, Sources Say

DON'T MISS

Lights, Camera, Board Vote: Fresno Unified’s Carefully Choreographed Production

DON'T MISS

US Farm Agency Withdraws Proposal Aimed at Lowering Salmonella Risks in Poultry

DON'T MISS

On Major Economic Decisions, Trump Blinks, and Then Blinks Again

DON'T MISS

Candi Is the Dandy to Add a Little Sweetness to Your Life

DON'T MISS

How Trump Tariffs Could Upend California Farms, Wine Businesses, and Ports

DON'T MISS

Tulare Man Sentenced to State Prison for DUI Crash That Injured Two Women

UP NEXT

Chicago Bears Great Steve McMichael Dies at 67 After Battle With ALS

UP NEXT

Long Wait Is Over for Cam Ward, Travis Hunter and Other Draft Prospects Joining the NFL

UP NEXT

Golden State’s Jimmy Butler Injured in Game 2 Loss, His Status for Game 3 Unknown

UP NEXT

Crow-Armstrong Goes Deep Again as Cubs Edge Dodgers

UP NEXT

Jalen Green Makes Eight 3s to Help Rockets Even Series With Warriors

UP NEXT

Webb, Flores Come Up Big as Giants Clip Brewers

UP NEXT

Yelich’s 5th Career Slam and Bauers’ 2-Run Homer Power the Brewers to Win Over the Giants

UP NEXT

Happ Hits Game-Ending Single in the 10th as the Cubs Rally Past Dodgers

UP NEXT

Great News for 49ers: Christian McCaffrey Says He’s Fully Healed

UP NEXT

Lakers Muscle Up to Even Playoff Series With Timberwolves

Trump Poised to Offer Saudi Arabia Over $100 Billion Arms Package, Sources Say

7 hours ago

Lights, Camera, Board Vote: Fresno Unified’s Carefully Choreographed Production

8 hours ago

US Farm Agency Withdraws Proposal Aimed at Lowering Salmonella Risks in Poultry

8 hours ago

On Major Economic Decisions, Trump Blinks, and Then Blinks Again

8 hours ago

Candi Is the Dandy to Add a Little Sweetness to Your Life

9 hours ago

How Trump Tariffs Could Upend California Farms, Wine Businesses, and Ports

9 hours ago

Tulare Man Sentenced to State Prison for DUI Crash That Injured Two Women

10 hours ago

Judge Partly Blocks Trump Order Seeking to Overhaul US Elections

10 hours ago

Two From Search Group That Uncovered Mexico’s ‘Ranch of Horror’ Killed

11 hours ago

US Warns States They Could Lose Transportation Funding Over Immigration, DEI Policies

11 hours ago

Yastrzemski and Chapman Homers Help Giants Rally Past the Brewers

SAN FRANCISCO — Mike Yastrzemski and Matt Chapman homered as the San Francisco Giants rallied to beat the Milwaukee Brewers 6-5 on Thursday ...

5 hours ago

5 hours ago

Yastrzemski and Chapman Homers Help Giants Rally Past the Brewers

5 hours ago

Fresno City Council Finally Passes a Tough Smoke Shop Ordinance

7 hours ago

Fresno Unified Trustee Wittrup Says District Had Stronger Candidates Than Misty Her

President Donald Trump delivers remarks during an 'Unleashing American Energy' event at the Department of Energy in Washington, U.S., June 29, 2017. (REUTERS File)
7 hours ago

Trump Poised to Offer Saudi Arabia Over $100 Billion Arms Package, Sources Say

8 hours ago

Lights, Camera, Board Vote: Fresno Unified’s Carefully Choreographed Production

Chickens sit at a poultry farm. March 12, 2025. (REUTERS/Diego Vara/File Photo)
8 hours ago

US Farm Agency Withdraws Proposal Aimed at Lowering Salmonella Risks in Poultry

8 hours ago

On Major Economic Decisions, Trump Blinks, and Then Blinks Again

Candi, GV Wire's Adoptable Cat of the Week
9 hours ago

Candi Is the Dandy to Add a Little Sweetness to Your Life

Help continue the work that gets you the news that matters most.

Search

Send this to a friend