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The Los Angeles Lakers said Monday they have returned a $4.6 million loan received under the federal government’s Paycheck Protection Program, an initiative meant to help cash-strapped small businesses weather the financial effects of the coronavirus pandemic.
The Lakers are the latest of several larger businesses opting to return the funds after the Small Business Administration hit its initial $349 billion lending limit in less than two weeks. Many small businesses in need of financial relief did not receive their loans before the money ran out.
“The Lakers qualified for and received a loan under the Payroll Protection Program,” the Lakers said in a statement to ESPN. “Once we found out the funds from the program had been depleted, we repaid