L.A. Lakers Repaid $4.6 Million in Federal Loans Aimed Coronavirus

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The L.A. Lakers are paying it forward in a huge way. According the CNBC, the team returned $4.6 million dollars in Federal Loans to help small business who are affected for COVID-19 pandemic.

The team released a statement confirming that they did indeed receive the $4.6 million dollar federal loan under their Payroll Protection Program. After receiving information on how the Small Business Administration’s Paycheck Protection Program had, “been depleted”, they instantly repaid their loan so that “financial support would be directed to those most in need” a team representative told CNBC.

“The Lakers remain completely committed to supporting both our employees and our community.” the representative continued.

The Lakers are currently the #2 ranked most valued basketball team currently worth $4.4 billion dollars according to Forbes.