The Los Angeles Lakers have returned the $4.6 million loan that it received through the federal Paycheck Protection Program, a spokesperson for the team confirmed to TheWrap.
“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 team said in a statement to TheWrap. “The Lakers remain completely committed to supporting both our employees and our community.”
The Paycheck Protection Program was first created as part of the $2 trillion CARES Act passed by Congress in late March, which allocated about $350 billion for small businesses with under 500 employees seeking loans.