How did the LA Lakers get a coronavirus loan?

The federal government passed the Paycheck Protection Program to provide emergency financial relief to small businesses during the coronavirus shutdown. Then why exactly did the Lakers and publicly traded companies like Shake Shack, Ruth’s Chris Steakhouse and Potbelly receive millions in funds that they had to return? Chris Cillizza explains.

SOURCES AND FURTHER READING:

How, exactly, did the LA Lakers get a 'small business' loan?

https://www.cnn.com/2020/04/28/politics/lakers-ppp-small-business/index.html

Glitches hamper second round of small business loan funding

https://www.cnn.com/2020/04/27/politics/state-of-play-paycheck-protection-program-small-business-administration/index.html

NBA Team Values 2020: Lakers And Warriors Join Knicks In Rarefied $4 Billion Club

https://www.forbes.com/sites/kurtbadenhausen/2020/02/11/nba-team-values-2020-lakers-and-warriors-join-knicks-in-rarefied-4-billion-club/#627264332032

New York Knicks: Is James Dolan the Worst Owner in the NBA?

https://bleacherreport.com/articles/777305-new-york-knicks-is-james-dolan-the-worst-owner-in-the-nba

Lakers return $4.6 million coronavirus relief loan

https://www.cnn.com/2020/04/27/business/los-angeles-lakers-return-ppp-loan-trnd/index.html

Paycheck Protection Program

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program

Ruth's Chris will return its PPP loans after Treasury says public companies should repay

https://www.cnn.com/2020/04/23/business/treasury-public-companies-ppp-loans-repay/index.html

Small business loan funds are tapped out: Here's what owners need to know now

https://www.cnn.com/2020/04/16/success/small-businesses-ppp-loans-tapped-out/index.html

Potbelly, Shake Shack, Axios: Here Are All The Companies Returning PPP Money After Public Backlash

https://www.forbes.com/sites/sarahhansen/2020/04/29/potbelly-shake-shack-axios-here-are-all-the-companies-returning-ppp-money-after-public-backlash/#5c532bb67ea0

About me:

I was named "best dressed" in 7th grade. That, along with being CNN's editor at large and author of the daily "Point" newsletter are my proudest achievements. Look for me here every Tuesday and Thursday to find out what’s really going down in politics.

CREDITS

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