Here's further proof the Federal small business loan program is flawed and broken: even the Los Angeles Lakers got some money.
Fortunately they've now been shamed into giving it back.
The Los Angeles Lakers have returned approximately $4.6 million that they received from a federal government program intended to help small businesses weather the economic burden caused by the coronavirus pandemic, the team said in a statement to ESPN on Monday.
The Lakers, one of the NBA's most profitable franchises, applied for relief through the Small Business Administration's Paycheck Protection Program, and were among the companies and nonprofits granted loans during the first round of distributions. But after reports that several large or highly capitalized entities were securing aid from the program's initial $349 billion pool -- while hundreds of thousands of smaller businesses were shut out -- the Lakers said they returned the money.
Nathan's Famous Hotdogs and Potbellys got some money.
LOS ANGELES, CA - MARCH 10: DeAndre Jordan #6 of the Brooklyn Nets dunks the ball against the Los Angeles Lakers on March 10, 2020 at STAPLES Center in Los Angeles, California. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this Photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2020 NBAE (Photo by Andrew D. Bernstein/NBAE via Getty Images)