Lakers received $4.6M coronavirus small business loan, will return funds

batucity

Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.

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.

JOE BURROW WILL THRIVE WITH BENGALS, EX-SAINTS STAR COLSTON SAYS

“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

Read More

Los Angeles Lakers return $4.6 million they received from small business loan program

batucity

The Los Angeles Lakers has returned millions of dollars it received from a program intended for small businesses during the coronavirus crisis, ESPN reports.

The team on Monday confirmed to ESPN that it repaid $4.6 million it received from the Paycheck Protection Program, which Congress set up during the coronavirus crisis with $349 billion for loans to be given to small businesses. But the program quickly ran out of money, and numerous larger companies came under fire for applying for and receiving loans under the program. Ruth’s Chris Steak House and Shake Shack were among these companies, and they later announced they’d return the money.

The Lakers has done so as well, telling ESPN in a statement, “The Lakers qualified for and received a loan under the Payroll Protection Program. Once we found out the funds from the program had been depleted, we repaid the loan so that financial

Read More

$100K In Relief Available For Arlington’s Small Businesses

batucity

ARLINGTON, VA – Small businesses in the Rosslyn neighborhood of Arlington may receive some much-needed financial support as the Rosslyn Business Improvement District announced Monday it will provide $100,000 in critical relief as part of the Arlington County Small Business Emergency GRANT Program.

The GRANT (Giving Resiliency Assets Near Term) Program is designed to help small businesses with grants of up to $10,000 for businesses with fewer than 50 employees.

“Our hearts are with our small businesses, including our restaurants and retailers, who have been the hardest hit during this crisis,” said Rosslyn BID President Mary-Claire Burick in a prepared statement. “Their services are critical to our community, which is why we are proud to partner with Arlington County on this important program that will get much-needed assistance directly into small businesses’ hands so they can continue to pay their employees and bills.”

The application period will open in early

Read More

Nashville-area small business owners ready to return to work

batucity

NASHVILLE – Small business owners, hard-hit by the pandemic, are anxious to re-open. But that is tempered by the concern of when they actually can and what they will have to do to make their businesses safe for customers and employees alike.

It clearly will not be business-as-usual in the coming weeks.

Gov. Bill Lee said Tennessee restaurants are able to reopen Monday at 50% occupancy. Additionally, Tennessee retailers are able to reopen on Wednesday at 50%.

The most populous counties — Davidson, Shelby, Hamilton, Knox, Madison and Sullivan — are excluded from the reopening guidelines and will determine their own strategy. 

Mayor John Cooper released a four-part plan for Nashville Thursday which would require 14 days of sustained decrease or flat cases of COVID-19 before moving forward.

“I think most businesses are relying on the governor’s office as well as the counties that they live in regarding those reopening

Read More