The one of the NBA’s most valued team, the LA Lakers have said that they repaid $4.6 million coronavirus relief loan back to the federal government. Here is an excerpt from their official statement: “The Lakers qualified for and received a loan under the Payroll Protection Program.
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 PPP effort was taken with a grain of salt when it came to its authenticity and the availability during the last few weeks, as there have been allegations that large business corporate firms have snubbed the fund by themselves.The funding had been depleted beyond help, before they were to reach the real target for the program, the small-sized businesses.
Shake Shack (SHAK), Ruth’s Hospitality (RUTH) and Kura (KRUS) Sushi said they would return their multimillion-dollar funds after public desecration.
The guideline issued by the Treasury is taht they needed to back some corps off from the game, those who are sufficient enough to sustain themselves without an emergency subsidiary fund.
The liquidity for these loans last until May 7 of this year, about a week away.Considering all factors, from public outcry to practical funding reasons, the Lakers having been qualified for the fund for its employees will not receive the money.
Not only that, the mega-scaled sports conglomerate has promised it will not lay off any one from its 303 full/part time employees.On their decision, they have said:
“When a wildly successful sports franchise that can afford to pay LeBron James nearly $40 million a year is being shamed into returning paycheck protection program funds, the question we should be asking is why the White House and Congress haven’t been more prescriptive about who and what can qualify for help,” Kyle Herrig, president of government watchdog group Accountable.
US said in an email questionnaire answer.“This program is in desperate need of increased transparency so that struggling mom and pop small businesses on the cusp of bankruptcy can get the assistance they need. ”
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