Steve Mnuchin says it was 'outrageous' for Los Angeles Lakers to take $4.6 million federal relief loan intended for small businesses after the team returned the money in shame Mnuchin blasted Lakers for taking the federal loan, which the team returned Lakers were approved for the loan through the Paycheck Protection Program Federal aid was intended for small businesses struggling in the pandemic Lakers are NBA's second most valuable team, worth $4.4 billion Larger companies were criticized after qualifying for the loan through a loophole https://www.dailymail.co.uk/news/ar...eous-Los-Angeles-Lakers-4-6M-relief-loan.html
They only gave it back because they were shamed to.. honestly they should be punished by the league or something...worth 4 billion but asking for a small business loan truly despicable
If I was a fan of a team that asked for a small business loan like this, I'd find that incredibly embarrassing. The huevos on that franchise to even contemplate asking for a small business loan, but to ask it under current circumstances AND when they're worth billions? Whoever it was from the Lakers organization that asked for the loan and whoever in their front office approved of the teams request, should be fired from their job.
If I were them, I wouldn't give back the $$$. I'd distribute it to some former players from the 60s and 70s who were struggling even before the pandemic.
The loophole the Lakers likely used was that they employ local Hispanics from the community like @THE HCP
We would probably have to also give them cash considerations. I like that guy But, for a Laker girl sure
The real people at fault are the congressmen who passed this thing in a way that allows wealthy companies to get this and have 100% of the loan forgiven at taxpayers expense. Pure profit. Lakers should have kept it but made a 4.6 million donation to charity and blame the government for allowing this handout. Sure the Lakers and some public companies returned it for bad PR. What about the 100s of billions that are not being returned. Nobody will know and a bunch of rich owners keep the profits.
You have a lot of friends with small businesses that are really hurting now, what the Lakers did took money away from businesses like that. The Lakers will still be around once this is all over but many of the small businesses in your community might not be.
I understand. Just jokin. I DO have a bunch of small business owners in my crew and I think about them a ton. This is killing them.
The Lakers are far from the only wealthy corporation taking food out of the mouths of small business owners and their employees. In fact, I'm pretty sure that's the prevailing global business model. At least they gave it back. Meanwhile there are plenty of big corporations to pick on who are shamelessly And greedily refusing to give any back. I find it ridiculously hypocritical of Mnumunchkin to single out the Lakers. Isn't he supposed to establish guidelines and priorities for how the money is distributed, instead of first big corporation at the trough, first served, which is what bankrupted the first small business program? Convenient way to take the spotlight off his cronies I guess. OTOH: FUCK THE LAKERS!!!
Audit just means companies have to claim forgiveness by the rules congress passed and SBA wrote. An audit doesn't make those rules fair or right. An audit just makes sure it wasn't used to buy hookers and blow. The Lakers would have passed an audit to keep millions if they had not returned it. Many other companies will pass an audit and have the loan forgiven. Companies I work for are doing the same for millions. I don't fault companies or individuals for claiming this in their own interest, just as I don't fault anybody for taking a tax deduction. The government and elected officials are at fault.
