Lakers return relief loan funds amid lockdown

Lakers return relief loan funds amid lockdown

The Los Angeles Lakers returned a loan obtained through the U.S. government's Paycheck Protection Program (PPP), the team confirmed on Monday, after learning that funds in the federal program had been depleted.

Ryan Brooks reports.

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The Los Angeles Lakers have sent back the $4.6 million dollars the basketball team got from a U.S. relief fund.

The Paycheck Protection Program is meant to help small businesses hit by shutdown measures around the country.

The Lakers confirmed they handed back the money after learning that the PPP funds had been depleted leaving many struggling businesses without aid.

President Donald Trump signed the bill for financial aid last week aimed at firms with no more than 500 employees - so they could cover payroll and rent.

The Lakers confirmed to Reuters - that meant the team qualified.

But they said quote "we repaid the loan so that financial support would be directed to those most in need." The Lakers are sixteen-time NBA Finals champions, and according to Forbes are one of the most valuable teams in the league.

The NBA and other major North American sports leagues have been placed on indefinite hold since March.

And while the Lakers sent their funds back many publicly companies have faced backlash for getting their aid money through a loophole.

That included the parent companies of restaurant chains Ruth's Chris Steakhouse and Shake Shack who have both since returned their loans.