Lakers received money under the PPP and returned it
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GTL
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PostPosted: Mon Apr 27, 2020 10:17 am    Post subject: Lakers received money under the PPP and returned it

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LOS ANGELES -- The Los Angeles Lakers have returned approximately $4.6 million that they received from a federal government program intended to help small businesses weather the economic burden caused by the coronavirus pandemic, the team said in a statement to ESPN on Monday.

The Lakers, one of the NBA's most profitable franchises, applied for relief through the Small Business Administration's Paycheck Protection Program, and were among the companies and nonprofits granted loans during the first round of distributions. But after reports that several large or highly capitalized entities were securing aid from the program's initial $349 billion pool -- while hundreds of thousands of smaller businesses were shut out -- the Lakers said they returned the money.



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I mean, I'm a struggling small business who applied with 6 different banks, all denied for a variety of different reasons and excuses with rules changing hourly, and I credit the Lakers for returning the funds, but there you have it folks.
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PostPosted: Mon Apr 27, 2020 12:19 pm    Post subject:

Bad decision by the team. Trying to stop the bad PR by returning it.

Stupid program to begin with, no real triggers to prevent all this abuse you are hearing about.
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PostPosted: Mon Apr 27, 2020 12:21 pm    Post subject:

Bad form
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PostPosted: Mon Apr 27, 2020 1:18 pm    Post subject:

AD23 wrote:
Bad decision by the team. Trying to stop the bad PR by returning it.

Stupid program to begin with, no real triggers to prevent all this abuse you are hearing about.



My uncles small business couldn't get the $10,000.00 they were trying to apply because within hours the money was gone. I still can't believe big corporations are getting millions and millions of check protection. Auto nation, a huge car dealership got $77 millions, this is crazy!!
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PostPosted: Mon Apr 27, 2020 1:42 pm    Post subject:

Dr. Buss is rolling over in his grave. The Lakers should of never applied.
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PostPosted: Mon Apr 27, 2020 2:08 pm    Post subject:

I'm reading a lot of piling on by the media, but the family doesn't have billions of dollars. They make it sound like the franchise is printing money and don't need to take out loans. Probably a bad move to take out a loan when theres competition from other smaller businesses that are trying to survive.
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PostPosted: Mon Apr 27, 2020 3:39 pm    Post subject:

ksmgf wrote:
AD23 wrote:
Bad decision by the team. Trying to stop the bad PR by returning it.

Stupid program to begin with, no real triggers to prevent all this abuse you are hearing about.



My uncles small business couldn't get the $10,000.00 they were trying to apply because within hours the money was gone. I still can't believe big corporations are getting millions and millions of check protection. Auto nation, a huge car dealership got $77 millions, this is crazy!!


He and I are in the same boat. I don't know of a single small business owner that got anything from the program and I know a TON. Not one got it.
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PostPosted: Mon Apr 27, 2020 4:47 pm    Post subject:

jonnybravo wrote:
ksmgf wrote:
AD23 wrote:
Bad decision by the team. Trying to stop the bad PR by returning it.

Stupid program to begin with, no real triggers to prevent all this abuse you are hearing about.



My uncles small business couldn't get the $10,000.00 they were trying to apply because within hours the money was gone. I still can't believe big corporations are getting millions and millions of check protection. Auto nation, a huge car dealership got $77 millions, this is crazy!!


He and I are in the same boat. I don't know of a single small business owner that got anything from the program and I know a TON. Not one got it.


Same here, including myself. I know multiple small business owners who from day 1 applied with both the SBA through their BS EIDL grant program, with their fairytale hopes of receiving a $10k advance (rules kept changing), or through their bank for the PPP. Not one of them received a penny. A few were pre-approved, some of the amounts were a complete joke. They have 8 employees and were approved for $5,800. In the end, they declined, and the next day, the funds were "exhausted". Now they're trying to reapply.

From day one this entire program has been a flawed sh*t show with no oversight. Excuses after excuses while sticking the middle finger out to the same establishments that continue sacrificing to ensure a disease doesn't spread. Spending another day having to deal with or hear an excuse from a bank, or hear another horror story from a friend or family member is going to lead to insanity.
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PostPosted: Mon Apr 27, 2020 4:53 pm    Post subject: Re: Lakers received money under the PPP and returned it

GTL wrote:
Quote:
LOS ANGELES -- The Los Angeles Lakers have returned approximately $4.6 million that they received from a federal government program intended to help small businesses weather the economic burden caused by the coronavirus pandemic, the team said in a statement to ESPN on Monday.

The Lakers, one of the NBA's most profitable franchises, applied for relief through the Small Business Administration's Paycheck Protection Program, and were among the companies and nonprofits granted loans during the first round of distributions. But after reports that several large or highly capitalized entities were securing aid from the program's initial $349 billion pool -- while hundreds of thousands of smaller businesses were shut out -- the Lakers said they returned the money.



Link

I mean, I'm a struggling small business who applied with 6 different banks, all denied for a variety of different reasons and excuses with rules changing hourly, and I credit the Lakers for returning the funds, but there you have it folks.


Embarrassing.

I get that the Buss family aren't your typical billionaire sports team owners, but no one can ever convince me that the Lakers brand isn't a money printing machine. Can someone remind me what this franchise is valued at? This is just an embarrassing free money grab. Greed at its finest.

Bush league Jeanie, bush league.
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PostPosted: Mon Apr 27, 2020 5:20 pm    Post subject:

They did this to avoid the PR hit nothing more.

If they really cared they wouldn't have applied for it in the first place. I work for a small business and we're approved.

That being said it does make me wonder if all these so called rich companies are in dire straits and they're acting rich?
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PostPosted: Mon Apr 27, 2020 5:34 pm    Post subject:

Basketball Fan wrote:
They did this to avoid the PR hit nothing more.

If they really cared they wouldn't have applied for it in the first place. I work for a small business and we're approved.

That being said it does make me wonder if all these so called rich companies are in dire straits and they're acting rich?



I agree, it's a good PR move. But for whatever reason, the right move.
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PostPosted: Mon Apr 27, 2020 5:45 pm    Post subject:

Basketball Fan wrote:
They did this to avoid the PR hit nothing more.

If they really cared they wouldn't have applied for it in the first place. I work for a small business and we're approved.

That being said it does make me wonder if all these so called rich companies are in dire straits and they're acting rich?



Accepting a loan that's offered to you doesn't mean you're in dire straits. Most companies operate with a line of credit that they tap into all the time.
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PostPosted: Mon Apr 27, 2020 5:59 pm    Post subject:

activeverb wrote:
Basketball Fan wrote:
They did this to avoid the PR hit nothing more.

If they really cared they wouldn't have applied for it in the first place. I work for a small business and we're approved.

That being said it does make me wonder if all these so called rich companies are in dire straits and they're acting rich?



Accepting a loan that's offered to you doesn't mean you're in dire straits. Most companies operate with a line of credit that they tap into all the time.


You're technically correct, but the purpose of this specific loan was that only businesses who needed immediate funding apply for the emergency stimulus program. The SBA EIDL was initially offering "up to $10k" in advances to small businesses in less than 72 hours. $1k per employee, for businesses that were month to month and forced to shut down and couldn't pay their employees. The PPP is similar but offers more of a low to no interest deferred loan, which is supposed to cover payroll and other expenses. The funds are limited, thus banks are already hard pressed on distributing the money to legitimate applicants.
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Last edited by GTL on Mon Apr 27, 2020 6:05 pm; edited 1 time in total
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PostPosted: Mon Apr 27, 2020 6:02 pm    Post subject:

activeverb wrote:
Basketball Fan wrote:
They did this to avoid the PR hit nothing more.

If they really cared they wouldn't have applied for it in the first place. I work for a small business and we're approved.

That being said it does make me wonder if all these so called rich companies are in dire straits and they're acting rich?



Accepting a loan that's offered to you doesn't mean you're in dire straits. Most companies operate with a line of credit that they tap into all the time.


Except they're a multibillion corporation that applied for a loan to make emergency payroll...
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PostPosted: Mon Apr 27, 2020 6:10 pm    Post subject:

Thus the speculation that this stoppage will hit family-owned teams the most.
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PostPosted: Mon Apr 27, 2020 6:11 pm    Post subject:

I can’t really blame the wealthy companies who applied for this. It was sold as a way to keep employees on payroll. If a business isn’t making money, they’re going to lay people off no matter how much they have in reserve.

There are a ton of issues with how this was rolled out but to me, it’s not the Lakers’ fault, it’s the fact that the structure and lack of oversight allowed companies like the Lakers to be prioritized over companies who were smaller and more needy.
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PostPosted: Mon Apr 27, 2020 6:22 pm    Post subject:

Damn, needed that money to pay Luol Deng’s salary.
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PostPosted: Mon Apr 27, 2020 6:33 pm    Post subject:

This was painful to hear today. I've applied for SBA and PPP loans as well, weeks ago. Havent been denied, but also havemt heard squat and theres no status update to check.
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PostPosted: Mon Apr 27, 2020 6:36 pm    Post subject:

Basketball Fan wrote:
activeverb wrote:
Basketball Fan wrote:
They did this to avoid the PR hit nothing more.

If they really cared they wouldn't have applied for it in the first place. I work for a small business and we're approved.

That being said it does make me wonder if all these so called rich companies are in dire straits and they're acting rich?



Accepting a loan that's offered to you doesn't mean you're in dire straits. Most companies operate with a line of credit that they tap into all the time.


Except they're a multibillion corporation that applied for a loan to make emergency payroll...



Why wouldn't they apply for it? They were eligible for the program, and they got a loan for 1% with a good chance part of the loan would be forgivable. That's a great deal. It's not the Lakers fault that the feds didn't set the criteria carefully enough.
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PostPosted: Mon Apr 27, 2020 6:39 pm    Post subject:

activeverb wrote:
Basketball Fan wrote:
activeverb wrote:
Basketball Fan wrote:
They did this to avoid the PR hit nothing more.

If they really cared they wouldn't have applied for it in the first place. I work for a small business and we're approved.

That being said it does make me wonder if all these so called rich companies are in dire straits and they're acting rich?



Accepting a loan that's offered to you doesn't mean you're in dire straits. Most companies operate with a line of credit that they tap into all the time.


Except they're a multibillion corporation that applied for a loan to make emergency payroll...



Why wouldn't they apply for it? They were eligible for the program, and they got a loan for 1% with a good chance part of the loan would be forgivable. That's a great deal. It's not the Lakers fault that the feds didn't set the criteria carefully enough.


You got the facts all wrong.
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PostPosted: Mon Apr 27, 2020 6:40 pm    Post subject:

Taking a page out of the Liverpool playbook; bet Lebron was advising them to take the money...
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PostPosted: Mon Apr 27, 2020 6:51 pm    Post subject:

activeverb wrote:
GTL wrote:
activeverb wrote:
Basketball Fan wrote:
activeverb wrote:
Basketball Fan wrote:
They did this to avoid the PR hit nothing more.

If they really cared they wouldn't have applied for it in the first place. I work for a small business and we're approved.

That being said it does make me wonder if all these so called rich companies are in dire straits and they're acting rich?



Accepting a loan that's offered to you doesn't mean you're in dire straits. Most companies operate with a line of credit that they tap into all the time.


Except they're a multibillion corporation that applied for a loan to make emergency payroll...



Why wouldn't they apply for it? They were eligible for the program, and they got a loan for 1% with a good chance part of the loan would be forgivable. That's a great deal. It's not the Lakers fault that the feds didn't set the criteria carefully enough.


You got the facts all wrong.


What are the correct facts then?


The business has to show that 75% of the deferred loan is being utilized towards payroll costs. Then it will be forgiven. At the same time, the business cannot already have the necessary assets available to make the payroll in the first place and request said loan, which is why they gave the measly $4.6 million back and why you see every public figure denouncing companies like this who are receiving funds they don't need.

This is not your conventional loan. It has a purpose. And once again, it is limited. So businesses who don't need it, shouldn't apply for it and allow it to be disbursed to those who do require immediate financial assistance.

I understand there is industry that requires loans of this nature. With 1000's of employee's and overhead and uncertainty at this time.

The Lakers are not one of them.
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PostPosted: Mon Apr 27, 2020 6:52 pm    Post subject:

GTL wrote:
activeverb wrote:
Basketball Fan wrote:
activeverb wrote:
Basketball Fan wrote:
They did this to avoid the PR hit nothing more.

If they really cared they wouldn't have applied for it in the first place. I work for a small business and we're approved.

That being said it does make me wonder if all these so called rich companies are in dire straits and they're acting rich?



Accepting a loan that's offered to you doesn't mean you're in dire straits. Most companies operate with a line of credit that they tap into all the time.


Except they're a multibillion corporation that applied for a loan to make emergency payroll...



Why wouldn't they apply for it? They were eligible for the program, and they got a loan for 1% with a good chance part of the loan would be forgivable. That's a great deal. It's not the Lakers fault that the feds didn't set the criteria carefully enough.


You got the facts all wrong.



All the facts I cited are from the government web site explaining the first round of the program which the Lakers applied to. So I believe everything I said is correct. But if you know something I don't, I'm happy for you to explain specifically what was incorrect. I'm always happy to learn..
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PostPosted: Mon Apr 27, 2020 8:58 pm    Post subject:

Lakers were the only team to apply:

Here

Critics were right: Lakers are runned like a mom and pop shop.

Only with such a mentality would someone in the organization think it's ok to apply for something meant for small businesses.

Really bad optics right now. Makes you question a lot of things.
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PostPosted: Mon Apr 27, 2020 10:30 pm    Post subject:

dabask11 wrote:
Lakers were the only team to apply:

Here

Critics were right: Lakers are runned like a mom and pop shop.

Only with such a mentality would someone in the organization think it's ok to apply for something meant for small businesses.

Really bad optics right now. Makes you question a lot of things.

I am pretty sad that the Lakers even applied for it, but The fact that a so called small business valued at 4 billion with 3 billionaires as minorities owners got approved for it before thousands of small businesses who are in danger of being forced out of business shows how big of a joke this government is.

The banks only give out loans for businesses with good credit, and of course, if I am the bank, I’d say Lakers are pretty good, but this loan is supposed to be backed by the treasury, why would the banks do such thing is very sad.

I’ve applied for the 10k grant the very first day, and haven’t heard from them ever since, I’ve given up the hope. I didn’t even bother apply for the PPP.
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