$4.4billion Lakers Return $4.6million PPP Small Biz Loan
First and foremost, let it be known that the Los Angeles Lakers did nothing illegal.
Kinda like cutting in line isn't illegal.
The American government's well-intentioned, hastily created, and totally botched Payroll Protection Plan was supposed to provide relief for small businesses being crushed financially by the Covid-19 lockdown. Unfortunately, the $349billion allocated for that purpose got scooped up by damn near every other kinda business.
Like the Lakers.
That fund was virtually depleted about the same time it opened.
Seems like those bright minds in the Treasury Department who initiated the bill to help small business in the USA get through their cash crunch forgot to insert two words into the text:
- Small and
The Small Business Administration doles out money via American banks, whose job it is to qualify applicants. What appears to have happened here is the banks were understandably overwhelmed with requests, so they fast-tracked their own work by giving priority to their most established customers.
And that crew wasn't necessarily small.
Don't think for a moment that most of them will be returning their grants.
Being real, the only reason the Lakes did is because they're squarely in the public view, and the specter of a $4.4billion enterprise keeping relief away from the likes of Franny's Flower Shop and Jake's Brake Repair is sorta ugly.
As they say in rowing, dudes dipped their oar in the water and caught a crab.
At least, team owner Jeanie Buss and her minions figured that out soon enough.
The question is, why did they even apply for a PPP grant in the first place?
Surely they realized there's life outside the Malibu city limits, and things are kinda tough right now. And yes, the Lakes have a full- and part-time payroll of 300+ workers, but they're also sitting on a cushy pile of cash in their bank accounts. If it's running low, a simple finger-snap and their banks will give them a loan in a heartbeat.
Lotsa little biz they drive by on their way to the arena -- when there's no lockdown in effect -- can't do that. How do they not notice?
The other 99% knows this.