How did the LA Lakers get a coronavirus loan?

The federal government passed the Paycheck Protection Program to provide emergency financial relief to small businesses during the coronavirus shutdown. Then why exactly did the Lakers and publicly traded companies like Shake Shack, Ruthโ€™s Chris Steakhouse and Potbelly receive millions in funds that they had to return? Chris Cillizza explains.

SOURCES AND FURTHER READING:
How, exactly, did the LA Lakers get a 'small business' loan?

Glitches hamper second round of small business loan funding

NBA Team Values 2020: Lakers And Warriors Join Knicks In Rarefied $4 Billion Club

New York Knicks: Is James Dolan the Worst Owner in the NBA?

Lakers return $4.6 million coronavirus relief loan

Paycheck Protection Program

Ruth's Chris will return its PPP loans after Treasury says public companies should repay

Small business loan funds are tapped out: Here's what owners need to know now

Potbelly, Shake Shack, Axios: Here Are All The Companies Returning PPP Money After Public Backlash

About me:
I was named "best dressed" in 7th grade. That, along with being CNN's editor at large and author of the daily "Point" newsletter are my proudest achievements. Look for me here every Tuesday and Thursday to find out whatโ€™s really going down in politics.

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Writer: Chris Cillizza
The Point team: Leigh Munsil and Allison Gordon
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67 comments

    1. CNN I think you (Chris)are a gay beta male soy boy P.O.S. that is gonna jump in front of a train when Trump gets re-elected! ๐Ÿ˜‚๐Ÿ˜‚๐Ÿ˜‚๐Ÿ˜‚๐Ÿ˜‚

    2. Hey Chris have you ever told the truth? If you’ve tried to tell the unbiased truth before how were you threatened by CNN? Thanks

  1. Corporate America is corrupt, the system is built to give more money to those who are already at the top.

    1. The corona “virus” numbers are fake.
      The Trump administration says it out right
      If you have the “virus”, and you die in a car accident, it counts as a corona “virus” death case

    2. @Vicki Messner You clearly have not watched Trumps “virus” press briefings.
      I have to believe it, when his own team says, any death where a person has the “virus” will count as a corona case. Doesn’t matter what other diseases. Or if you died in a car accident or by suicide.

    1. That’s right so they go out of business. It’s called consolidation. Super large corporations only ………..

    2. @Maga Kag
      They banks are the one approving the loans , they even tell their customers how much they need to apply for.

  2. So taxpayer money is being spent to save billionaires, just like 2009. It doesn’t matter if it’s Republicans or Democrats in the White House, it’s the working class that gets taken for a ride and suffers the most

    1. Yup but these ppl both left and right will keep arguing while getting fucked by the so call ppl they elect lol

    2. Yes. But only one side is trying to put people into office to change that. And I’ll give you a hint… It isn’t the reich.

    3. @Daniel Pressley it really is only the right, though. The left fights the power. The Reich helps the power. Unfortunately, there’s a lot of imposters who run on the left, saying the correct things but then never doing any of it. Like Obama.

      Yes, the left elects mistakes. But BY MISTAKE. The Reich intentionally elects fascists to ruin the system.

      You people constantly conflating the two as equally guilty in ruining America is why we can’t progress.

    4. E L ehhh I mean idc for either or but left right up down they all fight for money millions of Americans suffer however politicians keep their money rolling in.

  3. Democrats: We want to delay this bill a few days to add in some oversight and conditions on the loan portion of the bill to make sure no shenanigans are going on.
    Republicans: The Democrats want to delay a bill to save the economy, they are up to shenanigans!

    1. J M M and we keep letting Trump and McConnell do it over and over again. Senators and Congress members have to slam them every major mistake and violation they commit.

    2. Hahaha what bullshit. Pelosi tried to take away the cash payments and didn’t even push for oversight. While Trump was giving out free treatments to the uninsured people, Democrats (Pelosi, Schumer and Biden) were pushing for “cheaper insurance”. Imagine trying to sell insurance to poor, unemployed people during a pandemic… Cuomo is out there in NY cutting hospital funding and people are treating him like a hero. Pelosi didn’t even want a recorded vote in Congress ffs. They’re all complicit. Stop fucking lying to yourself, man. The Democrats control Congress and they passed all the bills with no contest. Not a single Democrat contested the bill in the Senate, it passed 96-0. They’re all complicit. You just care about how good your side looks, which is disgusting, but you could atleast do some research on how they’ve responded.

  4. This is actually the plan of Dump administration to bailout Rich corporations by giving Banks the authority to loan anyone they want. But everything blew up.

    1. Did Trump plan the bailouts in 2009 too? By blaming one person on everything, you’re masking the deep-rooted corruption in your country that has existed for decades. Stop being a partisan hack and come out and admit it.

    2. @Dragonblazzer969 The only problem is the Republicans screamed and yelled in 2009…Plus in 2009 the Banks getting back up and running was a little bit more important to our Country than basketball..Would hope the Republicans would have agreed

    3. @Dragonblazzer969 all he said was that this is their plan. He never said that they were responsible for others. You have NO logical reason to bring this up.

      Maybe YOU should stop being a partisan hack.

  5. Yeah, my question isn’t “how” so much as “why” would the Lakers even _try_ to get a coronavirus loan?!
    And THIS is why the elites are pro-socialism! When the govt starts doling out free money, it’s going to go to them (elites) first and then the peons who live beneath them (i.e. the rest of us) can fight over the scraps.

  6. The fatal flaw, isn’t wording, it’s human nature… or more to the point, the failure to overcome the inherent flaw of a baser nature that we all battle with.

  7. I fully expect that, once this is over, we will find much of this money went to undeserving companies.
    While Americans suffer.
    Conservatives have Failed America.

    1. @Cameron J
      What ..? I said I’m still with
      that [SPIRIT COOKING] ๐Ÿ‘ˆ
      **DOG FACE WITCH KILLARY !**
      #QUIDPROCROOKKKEDJOE2020

    2. @QRANGE MONSTER Ohhhh, you’re a Q nutter. I’m sure Hillary Clinton & Obama will be tried in a military tribunal any day now LMAO.

      What an idiot ๐Ÿคฆโ€โ™‚๏ธ

    1. Because they have janitors and more, players had to pay janitors because they werenโ€™t getting paid.

  8. The Lakers start their statement by saying they “qualified for and received” a loan like it just fell into their laps. How about explaining why you applied in the first place?

    1. @Pete Lind but do they? That is a billion dollar company. They could pay their employees out of their pockets.

    2. โ€‹@Calvin R. Johnson Jr.
      Congress set the limit too high .
      Dropping the limit to max 50 workers and max 10 mil revenue , you still would have about 15 000 000 businesses that could apply for PPP loans .
      There are round 17 200 000 business in USA but 1,8 mil are uncoded , no worker or revenue info , so lets forget them .
      Dropping the limit from 500 workers to 50 would only remove 300 000 businesses .

    3. @Pete Lind oh I agree with you. It was catered for the rich but it seems only certain rich people get that money from the government

    1. @King of America
      The [MORONIC LEFT] should
      focus on keeping their ๐Ÿ‘Š๐Ÿ‘ˆ๐Ÿ˜† **SANCTUARY SHITHOLES CLEAN !***
      #CPPVIRUSDNCPLANDEMIC

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