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The program that is supposed to keep small businesses afloat during situations like that of the COVID-19 pandemic is the Payroll Protection Program, or PPP. It’s not exactly doing its job — at least in terms of what you might imagine that job to be — for a number of reasons, one of which merits mention here, thanks to the NBA’s Los Angeles Lakers.
The Lakers received a $4.6 million loan from the PPP. The Lakers, who are worth $4.4 billion according to Forbes, who generated nearly half-a-billion in revenue (and $178 million in operating income) just last season despite being a garbage fire, received nearly $5 million from a government program, and at the expense, hypothetically, of some Los Angeles-based business or another that isn’t worth 10 figures.
Continue reading “Here’s how the Lakers qualified for a Payment Protection Program loan”