The L.A. Lakers are giving back $4.6 million in federal loan money aimed to help small businesses affected by COVID-19, the team announced.
The Lakers confirmed they applied for -- and received -- $4.6 mil in loans under the Payroll Protection Program. CNBC is repointing the Lakers are the ONLY team in the NBA that applied for the loans.
But, the team says it's had second thoughts after learning federal funds earmarked for the program were running super low.
"The Lakers qualified for and received a loan under the Payroll Protection Program," the team told CNBC.