How did the LA Lakers get the coronavirus loan?

The federal government passed the Paycheck Protection Program to provide emergency financial assistance to small businesses when the coronavirus was shut down. So why did the Lakers and Shake Shack, Ruth’s publicly traded companies like Chris Steakhouse, and Potbelly receive millions in return for the money? Chris Cillizza explained.

SOURCES AND MORE READING:
How did the LA Lakers get a “small business” loan?
https://www.cnn.com/2020/04/28/politics/lakers-ppp-small-business/index.html

Glitches are hindering the second round of small business financing
https://www.cnn.com/2020/04/27/politics/state-of-play-paycheck-protection-program-small-business-administration/index.html

NBA Team Values ​​2020: The Lakers and Warriors join $ 4 Billion in rare clubs
https://www.forbes.com/sites/kurtbadenhausen/2020/02/11/nba-team-values-2020-lakers-and-warriors-join-knicks-in-rarefied-4-billion-club/#627264332032

New York Knicks: Is James Dolan Bad in the NBA?
https://bleacherreport.com/articles/777305-new-york-knicks-is-james-dolan-the-worst-owner-in-the-nba

The Lakers are returning $ 4.6 million with the coronavirus
https://www.cnn.com/2020/04/27/business/los-angeles-lakers-return-ppp-loan-trnd/index.html

Paid Protection Program
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program

Ruth says Chris will repay his PPP loans after the Treasury said it should be repaid by public companies
https://www.cnn.com/2020/04/23/business/treasury-public-companies-ppp-loans-repay/index.html

Small business loan funds are exploited: here’s what homeowners need to know
https://www.cnn.com/2020/04/16/success/small-businesses-ppp-loans-tapped-out/index.html

Potbelly, Shake Shack, Axios: Here are all the companies that return PPP money back to the public
https://www.forbes.com/sites/sarahhansen/2020/04/29/potbelly-shake-shack-axios-here-are-all-the-companies-returning-ppp-money-after-public-backlash/ # 5c532bb67ea0

About me:
At level 7 I was called “well dressed”. That, in addition to being the editor of CNN, the authors of the daily “Point” newsletter are my proudest accomplishments. Check here every Tuesday and Thursday to find out what’s going on in politics.

CREDITS
Writer: Chris Cillizza
The Point Band: Leigh Munsil and Allison Gordon
Editor: Steven Sevilla
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