Los Angeles Lakers' small business PPP loan 'outrageous,' Mnuchin says - Business Insider

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The Los Angeles Lakers' $4.6 million loan was 'outrageous,' Treasury Secretary says as team returns money meant for small businesses

"However, 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."Going forward, companies can expect a more thorough review as the $310 billion in fresh funding for the program is doled out.

"I'm gong to be putting out an announcement this morning, that for any loan over $2 million, the SBA will be doing a full review of that loan before there is loan forgiveness,"Something is loading. Do you have a personal experience with the coronavirus you'd like to share? Or a tip on how your town or community is handling the pandemic? Please emailfrom Business Insider Intelligence on how COVID-19 is affecting industries.

 

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I don't think it's right that we make companies spend their reserves for a government decision to shut down the economy. This wasn't due to bad business practices. They should be entitled the same programs every other business is afforded. If notenough money that's on Congress.

Man the players get more than that what they need that for? Absurd. Good job Lakers 👏🏽👏🏽👏🏽👏🏽

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Los Angeles Lakers got $4.6 million in coronavirus federal loan money for small business, but repaid itThe Lakers have returned that money after learning that the pool of federal loan assistance from the Small Business Administration's Paycheck Protection Program had been drained of cash because of the huge demand for it, according to the franchise. Keep airing everyone one out. This is madness. Free money unless you get outed publicly 🤦‍♂️
Source: CNBC - 🏆 12. / 72 Read more »