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.