The Lakers organization returns the money obtained from a US government program for smaller businesses to gain access. coronavirus
GIVING BACK. The Los Angeles Lakers organization prioritizes the small businesses affected by the coronavirus pandemic. Photo by Steve Dykes/Getty Images/AFP
The NBA club, valued by Forbes magazine at $4.4 billion, told the sports television network in a statement they returned the money after learning the $349 billion in the Small Business Administration's Paycheck Protection Program had been exhausted within two weeks, with hundreds of thousands of small businesses unable to get access.
"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 program was part of a $2.2 trillion federal initiative aimed at helping small businesses cover employee salaries, rents and other expenses while being forced to shut their doors to prevent the spread of the deadly virus.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DOH: 1,245 healthcare workers test positive for coronavirus; 27 dieA total of 1,245 health care professionals have so far been infected with the novel coronavirus or SARS-CoV-2 which causes the coronavirus disease 2019. | DYGalvezINQ
Read more »
DOH: 1,336 healthcare workers are COVID-positive; 29 dieMANILA, Philippines — There are now 1,336 healthcare workers infected with the novel coronavirus or SARS-CoV-2 that causes the coronavirus disease 2019 (COVID-19), the Department of Health (DOH)
Read more »
PM Johnson back to work as UK virus problems mountBritish Prime Minister Boris Johnson returns to work on Monday more than three weeks after being hospitalized for the coronavirus and spending three days in intensive care.
Read more »
Boris Johnson warns against relaxing UK lockdown as he returns to work after battle with coronavirusBoris Johnson has warned against relaxing the United Kingdom's coronavirus restrictions too soon, in his first remarks since returning to work after contracting the disease.
Read more »
More sales for China as PH buying 3M more PPE sets, giving military daunting transport taskMANILA, Philippines—The Philippines is buying from China 3 million more sets of personal protective equipment (PPE) against coronavirus, which could give the Philippine military a daunting
Read more »
Gatchalian family donates P30-M worth of protective gear to frontlinersMANILA, Philippines — The family of Sen. Sherwin Gatchalian on Sunday donated P30 million worth of personal protective equipment (PPE) and medical supplies to frontliners as the coronavirus
Read more »