• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents

2

Current price of oil as of July 13, 2026

3

Trump embraces Australian retirement system backed by Larry Fink

1

The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents

2

Current price of oil as of July 13, 2026

3

Trump embraces Australian retirement system backed by Larry Fink
FinanceCoronavirus bailout

NBA’s Los Angeles Lakers return $4.6M in PPP small business loans to the SBA

Rey Mashayekhi
By
Rey Mashayekhi
Rey Mashayekhi
Down Arrow Button Icon
Rey Mashayekhi
By
Rey Mashayekhi
Rey Mashayekhi
Down Arrow Button Icon
April 27, 2020, 5:00 PM ET
Add Fortune on Google for similar content.

Playing “small ball” might be en vogue in the NBA, but the Los Angeles Lakers may have taken things too far.

The Lakers have returned approximately $4.6 million in loans received through the Small Business Administration’s Paycheck Protection Program, the NBA team told ESPN on Monday. Despite being one of the most valuable teams in American sports (with an estimated worth exceeding $4 billion) and one of the most profitable in the NBA, the Lakers were still able to apply for and receive millions in aid through the PPP.

The news will raise further questions about the integrity of the federal government’s flagship program for assisting small businesses through the economic shutdown prompted by the coronavirus pandemic. A surge of initial applications saw the $350 billion program quickly depleted of funds, which prompted Congress to approve additional funding for the PPP last week. 

The likes of AutoNation and Shake Shack—large companies valued at billions of dollars—were among those to initially receive PPP assistance, leading to negative scrutiny of the program’s oversight and prompting those companies to return millions of dollars in loans.

“Once we found out the funds from the program had been depleted, we repaid the loan so that financial support would be directed to those most in need,” the Lakers said in a statement to ESPN. “The Lakers remain completely committed to supporting both our employees and our community.”

The NBA franchise—which is owned by the Buss family and counts superstar LeBron James among its players—employs around 300 people, according to ESPN. That made the team eligible for a PPP loan, so long as it spent 75% of the funds on payroll and did not lay off any employees.

While the coronavirus pandemic has brought the NBA (and virtually all major profressional sports leagues) to a halt, the Lakers appear to remain on solid financial footing. In addition to carrying an enviable valuation as one of the league’s flagship franchises, the team’s lucrative local broadcast rights deal generates more than $150 million in revenue annually, per ESPN.

The identity of the financial institution through which the Lakers received their PPP loan is not clear. Representatives for the team did not immediately return a request for comment.

With the oversight of the PPP being called into question given the number of large businesses able to secure funds, the government has looked to take a more diligent approach in advance of the second round of loan disbursements set to begin this week. On Thursday, the SBA issued a new guidance discouraging large, publicly-traded, and well-capitalized companies from applying for the program.

Our mission to help you navigate the new normal is fueled by subscribers. To enjoy unlimited access to our journalism, subscribe today.

More must-read stories from Fortune:

—What the law says about forcing employees back to the office
—A.I. will be crucial to non-tech companies—and they need a new playbook for it
—Which companies’ stocks will thrive after the coronavirus crash?
—Everything you need to know about furloughs and what they mean for workers
—What to know if your small business is applying for Round 2 PPP loans from the SBA
—PODCAST: COVID-19 might have upended the concept of the best companies of the year
—WATCH: Why the banks were ready for the financial impact of coronavirus

Subscribe to Outbreak, a daily newsletter roundup of stories on the coronavirus pandemic and its impact on global business. It’s free to get it in your inbox.

About the Author
Rey Mashayekhi
By Rey Mashayekhi
LinkedIn iconTwitter icon
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

U.S. launches new strikes on Iran while Tehran mocks Trump’s reversal on charging for Hormuz transits — ‘20% is of course too much. We will be fair’
PoliticsIran
U.S. launches new strikes on Iran while Tehran mocks Trump’s reversal on charging for Hormuz transits — ‘20% is of course too much. We will be fair’
By Jon Gambrell, Konstantin Toropin, Will Weissert and The Associated PressJuly 13, 2026
2 hours ago
Lindsey Graham and Mitch McConnell face each other.
North Americagovernment spending
McConnell’s absence could jeopardize Republicans’ defense spending agenda as the Iran war escalates
By Sasha RogelbergJuly 13, 2026
3 hours ago
SoFi® vs. College Ave student loans
Personal Financestudent loans and debt
SoFi® vs. College Ave student loans
By Joseph HostetlerJuly 13, 2026
5 hours ago
SoFi® private student loans review 2026
Personal FinanceLoans
SoFi® private student loans review 2026
By Joseph HostetlerJuly 13, 2026
6 hours ago
college
Personal FinanceColleges and Universities
The real reason college costs 43% of family income isn’t tuition
By Thomas Adam and The ConversationJuly 13, 2026
6 hours ago
Trump takes a page from Iran’s playbook on the Strait of Hormuz, leveraging U.S. influence over the contested chokepoint to generate revenue
Middle EastIran
Trump takes a page from Iran’s playbook on the Strait of Hormuz, leveraging U.S. influence over the contested chokepoint to generate revenue
By Jason MaJuly 13, 2026
8 hours ago

Most Popular

The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents
Innovation
The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents
By Sasha RogelbergJuly 12, 2026
2 days ago
Current price of oil as of July 13, 2026
Personal Finance
Current price of oil as of July 13, 2026
By Joseph HostetlerJuly 13, 2026
15 hours ago
Trump embraces Australian retirement system backed by Larry Fink
Personal Finance
Trump embraces Australian retirement system backed by Larry Fink
By Brianna Sosa and BloombergJuly 12, 2026
1 day ago
Peter Thiel and other tech billionaires are publicly shielding their children from the products that made them rich
Big Tech
Peter Thiel and other tech billionaires are publicly shielding their children from the products that made them rich
By Marco Quiroz-GutierrezJuly 12, 2026
2 days ago
Current price of silver as of Monday, July 13, 2026
Personal Finance
Current price of silver as of Monday, July 13, 2026
By Joseph HostetlerJuly 13, 2026
15 hours ago
Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it
Success
Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it
By Preston ForeJuly 6, 2026
7 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.