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, Ruth’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?
https://www.cnn.com/2020/04/28/politics/lakers-ppp-small-business/index.html
Glitches hamper second round of small business loan funding
https://www.cnn.com/2020/04/27/politics/state-of-play-paycheck-protection-program-small-business-administration/index.html
NBA Team Values 2020: Lakers And Warriors Join Knicks In Rarefied $4 Billion Club
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 the Worst Owner in the NBA?
https://bleacherreport.com/articles/777305-new-york-knicks-is-james-dolan-the-worst-owner-in-the-nba
Lakers return $4.6 million coronavirus relief loan
https://www.cnn.com/2020/04/27/business/los-angeles-lakers-return-ppp-loan-trnd/index.html
Paycheck Protection Program
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
Ruth’s Chris will return its PPP loans after Treasury says public companies should repay
https://www.cnn.com/2020/04/23/business/treasury-public-companies-ppp-loans-repay/index.html
Small business loan funds are tapped out: Here’s what owners need to know now
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 Returning PPP Money After Public Backlash
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:
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 what’s really going down in politics.
CREDITS
Writer: Chris Cillizza
The Point team: Leigh Munsil and Allison Gordon
Editor: Steven Sevilla
Producer: Arielle Sacks
Follow Chris on
Instagram: https://www.instagram.com/cillizzac/
Twitter: https://twitter.com/cillizzacnn
Facebook: https://www.facebook.com/chris.cillizza/
Subscribe to The Point newsletter: https://mailchi.mp/cnn/dvgb325pfm
#CNN #Cillizza #TheLakers
