Posted on 04/27/2020 4:43:21 PM PDT by John W
Apparently the Los Angeles Lakers fancied themselves as a small business in need of a government bailout during the coronavirus pandemic. Now the NBA franchise is returning the taxpayer money it received, ESPN reported Monday.
The L.A. Lakers — one of the nation's most recognizable and profitable sports franchises — felt they needed millions of dollars from the federal government to help them make it through these tough economic times. And the federal government agreed — granting the Lakers a $4.6 million PPP loan. The franchise is worth $4.4 billion.
(Excerpt) Read more at theblaze.com ...
Luck the Fakers.
At the moment, they are on their way to becoming a small business.
A few more months they will need a bailout.
A franchise worth prolly over a billion Somalians...is a “small business”??????
>>The franchise is worth $4.4 billion.
10% of Harvard’s endowment
Democrats sharing the taxpayers pie.
One of them moonlighted as an airline pilot.
And spoke jive.
I see what you did there! :>)
Airplane is still one of the great movies.
Sure is. I see it every few years. Love the prop plane sounds while the jet flys.
Jeannie Buss, Lakers owner, was in Playboy many years ago...
I don’t think the team really needs federal money...
My husband has a small business. All of this Emergency Disaster Loan and Paycheck Protection Program is helping almost no true small business. Spoke to our long time bank today. They want 2019 Schedule C to file PPP. It is not due until July 2020 now. They told me that they knew of only 1 local business out of the 30 who applied who received the Emergency Disaster Loan and they only got $2,000. I called my U S Representative’s office. I was not impressed at all. The office said that the Emergency Disaster Loan was not good because you had to pay it back. I told her that you can’t even get it to pay it back. The PPP would not benefit our business enough to make it worthwhile. We would be better off shutting the doors and drawing unemployment, but we are an essential business and keep trucks on the road. My husband wants to work and keep his people earning a wage.
Makes you wonder who with the Lakers applied.
Crooks all.
Are the Lakers a priority? No. But they also have workers who depend on jobs at arenas. Are they getting unemployment? Many of them are young and might not qualify. This is something Trump & Co need to consider.
There are definitely younger adult workers, many are probably college students, who fall through the hole of no stimulus check because claimed on (a) parents' return (yet too old to boost the parents') but haven't worked enough to collect unemployment. They can't all go back home to live with mommy if they've been living, working and attending college remotely.
The problem with Harvard or other Ivy Leagues getting access to PPP is they have billion dollar endowments. The problem with major corporations dipping is they have access to capital markets in ways most small businesses do not.
I don't know how major retailers on the brink, like Sears, will return.
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