The Los Angeles Lakers has repaid a $4.6 million coronavirus relief loan the professional basketball organization received as part of the federal government’s Paycheck Protection Program.

“The Lakers qualified for and received a loan under the Payroll Protection Program,” a Lakers spokesperson wrote in a statement emailed to CNN Business. “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 — the second-most valuable NBA team with a $4.4 billion valuation, according to Forbes — is the latest big-name entity to obtain and subsequently return money touted as a Covid-19 relief measure for small businesses. The news was first reported by ESPN.
(read more at cnn.com)