“Outrageous” for Big Businesses Like LA Lakers to Take Small Business Loans
Secretary of the Treasury Steven mnuchin said on Tuesday he was surprised the Los Angeles Lakers – one of the best-known and most successful basketball franchises – had taken out a loan designed to help small businesses weather the coronavirus pandemic.
“I’m not a huge fan of the fact that they took out $ 4.6 million,” Mnuchin told CNBC. “Screaming box. “” I think this is outrageous. “
Mnuchin added that he “never would have expected the Los Angeles Lakers” to take out such a loan in a million years. He also said he was happy the team returned the money, “or they would have had a responsibility.”
The Lakers were the second most valuable team in the National Basketball Association in 2020, with a valuation of $ 4.4 billion, according to Forbes.
But the team led by LeBron James isn’t the only big brand taking out a loan from the Paycheck Protection Program, which was enacted last month to help small businesses.
Overall, more than 200 publicly traded companies have applied for Paycheck Protection Program loans. Mnuchin said it was “unfortunate” and “inappropriate” for some large companies to take out these loans, but was “encouraged by the number of people who have paid them back.”
He added that companies that obtain loans of more than $ 2 million under the PPP would get a full audit to make sure it is valid.
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