Lakers received money under the PPP and returned it
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mad55557777
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PostPosted: Mon Apr 27, 2020 10:38 pm    Post subject:

lakersken80 wrote:
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.

Lakers have zero debt, them and the clippers are the only two teams without a single dollar of debt.
https://www.forbes.com/nba-valuations/list/#tab:overall

The family gets millions of dollars every year easily, and let’s face it, they are not the only one owning the team, there are 3 billionaires on board too. PPP is the last place they should be looking to take out a loan, NBA has its own loan program, and I am sure the Lakers are the last team needed a loan based on the TV deal
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PostPosted: Mon Apr 27, 2020 10:50 pm    Post subject:

mad55557777 wrote:
lakersken80 wrote:
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.

Lakers have zero debt, them and the clippers are the only two teams without a single dollar of debt.
https://www.forbes.com/nba-valuations/list/#tab:overall

The family gets millions of dollars every year easily, and let’s face it, they are not the only one owning the team, there are 3 billionaires on board too. PPP is the last place they should be looking to take out a loan, NBA has its own loan program, and I am sure the Lakers are the last team needed a loan based on the TV deal


The Lakers are not owned by a billionaire majority owner. They do not have access to a lot of financial resources like a lot of the new money owners do these days. They had to sell a portion of their share in the team to finance a move to the Staples Center back in 1999. The billionaire minority shareholders do not have decision making power in the organization. The optics of taking the PPP loan is bad because it takes away capital from other smaller businesses, but I do not hold it against them for trying to take out a loan like every other business out there.
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PostPosted: Tue Apr 28, 2020 6:20 am    Post subject:

lakersken80 wrote:
mad55557777 wrote:
lakersken80 wrote:
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.

Lakers have zero debt, them and the clippers are the only two teams without a single dollar of debt.
https://www.forbes.com/nba-valuations/list/#tab:overall

The family gets millions of dollars every year easily, and let’s face it, they are not the only one owning the team, there are 3 billionaires on board too. PPP is the last place they should be looking to take out a loan, NBA has its own loan program, and I am sure the Lakers are the last team needed a loan based on the TV deal


The Lakers are not owned by a billionaire majority owner. They do not have access to a lot of financial resources like a lot of the new money owners do these days. They had to sell a portion of their share in the team to finance a move to the Staples Center back in 1999. The billionaire minority shareholders do not have decision making power in the organization. The optics of taking the PPP loan is bad because it takes away capital from other smaller businesses, but I do not hold it against them for trying to take out a loan like every other business out there.


STOP!

The Lakers are not in need! GTL and a few on this thread are! If they were truly in need, they wouldn't have returned the loan! The peddling of those like you that the Lakers don't have access to financial resources is laughable. If the Lakers were cash strapped, do you realize how (bleep) easy it would be for them to secure financing? Worse is that you compare this Lakers ownership to other "billionaire owner" when the ONLY apt comparison is not other sports owners, but small business owners like GTL and many on this thread!

Conveniently now their "need" is not "worth" the PR hit. IDIOTS!
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PostPosted: Tue Apr 28, 2020 6:58 am    Post subject:

GTL wrote:
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.



I see what you're getting at.

I don't think my original post was incorrect.

You're simply giving some additional details about the program, as well as clarification that was provided after the original guidance proved so confusing.


Last edited by activeverb on Tue Apr 28, 2020 7:09 am; edited 1 time in total
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PostPosted: Tue Apr 28, 2020 7:05 am    Post subject:

mad55557777 wrote:
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.


Well we knew our government was a joke given who we have sitting up top.

I just didn't think the laker FO would be a joke to this level as well, especially given the standards set by the franchise/nba.

If the FO can't recognize the lakers aren't a small business who should need a loan then it makes you wonder what else they can't recognize in terms of operations.

Just a terrible look overall for the franchise right now. Probably explains why they were so dysfunctional the last 10 years.

I wouldn't be surprised if Balmer responded by donating a greater amount to small businesses to win the PR battle.
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PostPosted: Tue Apr 28, 2020 7:23 am    Post subject:

dabask11 wrote:

If the FO can't recognize the lakers aren't a small business who should need a loan then it makes you wonder what else they can't recognize in terms of operations.


To be fair, the Lakers did qualify as a small business under the original terms of the program. This is really about legalese, public relations, and companies taking advantage of government socialism whenever it's in their self-interest to do so.
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PostPosted: Tue Apr 28, 2020 7:43 am    Post subject:

activeverb wrote:
dabask11 wrote:

If the FO can't recognize the lakers aren't a small business who should need a loan then it makes you wonder what else they can't recognize in terms of operations.


To be fair, the Lakers did qualify as a small business under the original terms of the program. This is really about legalese, public relations, and companies taking advantage of government socialism whenever it's in their self-interest to do so.


I'm not sure anyone is contending they didn't "qualify". Clearly they got the loan.

Many of us are just ashamed that while millions are completely without, and many other millions are starving, that our beloved franchise would even think about extending their hand out.

This is akin to seeing Jeanie Buss in line at the local food bank - yes, she "qualifies", but is that really the point?
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mad55557777
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PostPosted: Tue Apr 28, 2020 7:45 am    Post subject:

activeverb wrote:
dabask11 wrote:

If the FO can't recognize the lakers aren't a small business who should need a loan then it makes you wonder what else they can't recognize in terms of operations.


To be fair, the Lakers did qualify as a small business under the original terms of the program. This is really about legalese, public relations, and companies taking advantage of government socialism whenever it's in their self-interest to do so.

Yes, they did, but qualify for it and apply for it is different. I am more concerned that the Lakers qualify as small business and got their loans before other small businesses. The government guidelines on the PPP is a joke.
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PostPosted: Tue Apr 28, 2020 7:51 am    Post subject:

lakersken80 wrote:
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.


You know who also doesn’t have billions of dollars? The owners of the local pizza restaurant and the local family market. Only those businesses aren’t valued at billions of dollars. Thee Lakers could take out a conventional loan or take on new investors. Trying to defend what they did is a complete joke.
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PostPosted: Tue Apr 28, 2020 8:35 am    Post subject:

This is a lesson in 'Just because you CAN do something, doesn't mean you SHOULD.'
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PostPosted: Tue Apr 28, 2020 9:05 am    Post subject:

The God Particle wrote:
lakersken80 wrote:
mad55557777 wrote:
lakersken80 wrote:
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.

Lakers have zero debt, them and the clippers are the only two teams without a single dollar of debt.
https://www.forbes.com/nba-valuations/list/#tab:overall

The family gets millions of dollars every year easily, and let’s face it, they are not the only one owning the team, there are 3 billionaires on board too. PPP is the last place they should be looking to take out a loan, NBA has its own loan program, and I am sure the Lakers are the last team needed a loan based on the TV deal


The Lakers are not owned by a billionaire majority owner. They do not have access to a lot of financial resources like a lot of the new money owners do these days. They had to sell a portion of their share in the team to finance a move to the Staples Center back in 1999. The billionaire minority shareholders do not have decision making power in the organization. The optics of taking the PPP loan is bad because it takes away capital from other smaller businesses, but I do not hold it against them for trying to take out a loan like every other business out there.


STOP!

The Lakers are not in need! GTL and a few on this thread are! If they were truly in need, they wouldn't have returned the loan! The peddling of those like you that the Lakers don't have access to financial resources is laughable. If the Lakers were cash strapped, do you realize how (bleep) easy it would be for them to secure financing? Worse is that you compare this Lakers ownership to other "billionaire owner" when the ONLY apt comparison is not other sports owners, but small business owners like GTL and many on this thread!

Conveniently now their "need" is not "worth" the PR hit. IDIOTS!


Businesses take out loans all the time even though they don't need to. Maybe they want to fund other projects and don't want to tie up cash into it. Unless you know their finances you have no authority to talk about what their needs are.
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PostPosted: Tue Apr 28, 2020 9:08 am    Post subject:

venturalakersfan wrote:
lakersken80 wrote:
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.


You know who also doesn’t have billions of dollars? The owners of the local pizza restaurant and the local family market. Only those businesses aren’t valued at billions of dollars. Thee Lakers could take out a conventional loan or take on new investors. Trying to defend what they did is a complete joke.


So our resident Clipper fan decided to chime in. Look I already said the optics don't look good for them trying to apply a PPP loan when there are other more desperate businesses that need it. But saying that the Lakers don't need a business loan when the franchise is worth billions on the open market is besides the point. The family aren't billionaires unless they sell and there is nothing wrong with them taking out loans to run their team.
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PostPosted: Tue Apr 28, 2020 9:19 am    Post subject:

lakersken80 wrote:
venturalakersfan wrote:
lakersken80 wrote:
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.


You know who also doesn’t have billions of dollars? The owners of the local pizza restaurant and the local family market. Only those businesses aren’t valued at billions of dollars. Thee Lakers could take out a conventional loan or take on new investors. Trying to defend what they did is a complete joke.


So our resident Clipper fan decided to chime in. Look I already said the optics don't look good for them trying to apply a PPP loan when there are other more desperate businesses that need it. But saying that the Lakers don't need a business loan when the franchise is worth billions on the open market is besides the point. The family aren't billionaires unless they sell and there is nothing wrong with them taking out loans to run their team.


A conventional loan no, there is nothing wrong with that. This is a very specific loan that is available for paying employees. They are one of the few teams in the NBA that has asked employees to take pay cuts. Now they are saying that they can’t make payroll. What we haven’t heard is that the Buss kids drawing a paycheck have taken a pay cut, that would be a great PR move. What they did is business tone deaf at best and incapable business management at worst.
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PostPosted: Tue Apr 28, 2020 9:24 am    Post subject:

lakersken80 wrote:
venturalakersfan wrote:
lakersken80 wrote:
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.


You know who also doesn’t have billions of dollars? The owners of the local pizza restaurant and the local family market. Only those businesses aren’t valued at billions of dollars. Thee Lakers could take out a conventional loan or take on new investors. Trying to defend what they did is a complete joke.


So our resident Clipper fan decided to chime in. Look I already said the optics don't look good for them trying to apply a PPP loan when there are other more desperate businesses that need it. But saying that the Lakers don't need a business loan when the franchise is worth billions on the open market is besides the point. The family aren't billionaires unless they sell and there is nothing wrong with them taking out loans to run their team.


No they're not billionaires, they're just worth half that, with resources to billions. While the rest of us who have spent years and years building up good credit, establishing a legitimate business, forced to shut down due to no fault of our own, are told we aren't even qualified for a lousy $1,000.

Sure man, sure.
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PostPosted: Tue Apr 28, 2020 9:31 am    Post subject:

lakersken80 wrote:
venturalakersfan wrote:
lakersken80 wrote:
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.


You know who also doesn’t have billions of dollars? The owners of the local pizza restaurant and the local family market. Only those businesses aren’t valued at billions of dollars. Thee Lakers could take out a conventional loan or take on new investors. Trying to defend what they did is a complete joke.


So our resident Clipper fan decided to chime in. Look I already said the optics don't look good for them trying to apply a PPP loan when there are other more desperate businesses that need it. But saying that the Lakers don't need a business loan when the franchise is worth billions on the open market is besides the point. The family aren't billionaires unless they sell and there is nothing wrong with them taking out loans to run their team.


Resident Clipper fan aside, right is right and wrong is wrong. The Lakers have access to loans and lines of credit the average small business doesn't. Interest rates are so low, the money is practically free anyway without dipping into funds meant for the most desolate.They can pass a hat around and raise more money than what they took from the stimulus. Again - just because you CAN do something, doesn't mean you should. You're on the wrong side of this issue.
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PostPosted: Tue Apr 28, 2020 9:36 am    Post subject:

I've been saying this for a while. But Klutch saved the Buss family. Imagine if they didn't have LBJ and AD...
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PostPosted: Tue Apr 28, 2020 9:37 am    Post subject:

The God Particle wrote:
lakersken80 wrote:
mad55557777 wrote:
lakersken80 wrote:
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.

Lakers have zero debt, them and the clippers are the only two teams without a single dollar of debt.
https://www.forbes.com/nba-valuations/list/#tab:overall

The family gets millions of dollars every year easily, and let’s face it, they are not the only one owning the team, there are 3 billionaires on board too. PPP is the last place they should be looking to take out a loan, NBA has its own loan program, and I am sure the Lakers are the last team needed a loan based on the TV deal


The Lakers are not owned by a billionaire majority owner. They do not have access to a lot of financial resources like a lot of the new money owners do these days. They had to sell a portion of their share in the team to finance a move to the Staples Center back in 1999. The billionaire minority shareholders do not have decision making power in the organization. The optics of taking the PPP loan is bad because it takes away capital from other smaller businesses, but I do not hold it against them for trying to take out a loan like every other business out there.


STOP!

The Lakers are not in need! GTL and a few on this thread are! If they were truly in need, they wouldn't have returned the loan! The peddling of those like you that the Lakers don't have access to financial resources is laughable. If the Lakers were cash strapped, do you realize how (bleep) easy it would be for them to secure financing? Worse is that you compare this Lakers ownership to other "billionaire owner" when the ONLY apt comparison is not other sports owners, but small business owners like GTL and many on this thread!

Conveniently now their "need" is not "worth" the PR hit. IDIOTS!


Right.

The Lakers can continue funding their operation with their reserve and will be fine. They are still making money off merchandising alone hand over fist. Their season will eventually still continue, and they still employ arguably the most recognized basketball player in the world. We're the Los Angeles Lakers, not the Charlotte Bobcats. The Lakers DO NOT need to be bailed out.

Meanwhile, there are legitimate small businesses that cannot sustain one month of being shut down in this economy without tapping into a savings or reserve that we prefer not to tap into.

There are also millions still awaiting an EDD or $1,200 stimulus check. In LA, that amount, even if you add the additional amount for kids, is a joke.
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PostPosted: Tue Apr 28, 2020 9:39 am    Post subject:

This was a terrible move. NO way to sugar coat it.
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PostPosted: Tue Apr 28, 2020 9:49 am    Post subject:

lakersken80 wrote:
The God Particle wrote:
lakersken80 wrote:
mad55557777 wrote:
lakersken80 wrote:
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.

Lakers have zero debt, them and the clippers are the only two teams without a single dollar of debt.
https://www.forbes.com/nba-valuations/list/#tab:overall

The family gets millions of dollars every year easily, and let’s face it, they are not the only one owning the team, there are 3 billionaires on board too. PPP is the last place they should be looking to take out a loan, NBA has its own loan program, and I am sure the Lakers are the last team needed a loan based on the TV deal


The Lakers are not owned by a billionaire majority owner. They do not have access to a lot of financial resources like a lot of the new money owners do these days. They had to sell a portion of their share in the team to finance a move to the Staples Center back in 1999. The billionaire minority shareholders do not have decision making power in the organization. The optics of taking the PPP loan is bad because it takes away capital from other smaller businesses, but I do not hold it against them for trying to take out a loan like every other business out there.


STOP!

The Lakers are not in need! GTL and a few on this thread are! If they were truly in need, they wouldn't have returned the loan! The peddling of those like you that the Lakers don't have access to financial resources is laughable. If the Lakers were cash strapped, do you realize how (bleep) easy it would be for them to secure financing? Worse is that you compare this Lakers ownership to other "billionaire owner" when the ONLY apt comparison is not other sports owners, but small business owners like GTL and many on this thread!

Conveniently now their "need" is not "worth" the PR hit. IDIOTS!


Businesses take out loans all the time even though they don't need to. Maybe they want to fund other projects and don't want to tie up cash into it. Unless you know their finances you have no authority to talk about what their needs are.


This guy!

Jeannie gets caught in line at the local food bank, is shamed for it, returns the food, and this dude is here trying to tell us we don't know what Jeannie's finances are. LMAO.

Does he realize how foolish he sounds?
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PostPosted: Tue Apr 28, 2020 9:57 am    Post subject:

The God Particle wrote:
lakersken80 wrote:
The God Particle wrote:
lakersken80 wrote:
mad55557777 wrote:
lakersken80 wrote:
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.

Lakers have zero debt, them and the clippers are the only two teams without a single dollar of debt.
https://www.forbes.com/nba-valuations/list/#tab:overall

The family gets millions of dollars every year easily, and let’s face it, they are not the only one owning the team, there are 3 billionaires on board too. PPP is the last place they should be looking to take out a loan, NBA has its own loan program, and I am sure the Lakers are the last team needed a loan based on the TV deal


The Lakers are not owned by a billionaire majority owner. They do not have access to a lot of financial resources like a lot of the new money owners do these days. They had to sell a portion of their share in the team to finance a move to the Staples Center back in 1999. The billionaire minority shareholders do not have decision making power in the organization. The optics of taking the PPP loan is bad because it takes away capital from other smaller businesses, but I do not hold it against them for trying to take out a loan like every other business out there.


STOP!

The Lakers are not in need! GTL and a few on this thread are! If they were truly in need, they wouldn't have returned the loan! The peddling of those like you that the Lakers don't have access to financial resources is laughable. If the Lakers were cash strapped, do you realize how (bleep) easy it would be for them to secure financing? Worse is that you compare this Lakers ownership to other "billionaire owner" when the ONLY apt comparison is not other sports owners, but small business owners like GTL and many on this thread!

Conveniently now their "need" is not "worth" the PR hit. IDIOTS!


Businesses take out loans all the time even though they don't need to. Maybe they want to fund other projects and don't want to tie up cash into it. Unless you know their finances you have no authority to talk about what their needs are.


This guy!

Jeannie gets caught in line at the local food bank, is shamed for it, returns the food, and this dude is here trying to tell us we don't know what Jeannie's finances are. LMAO.

Does he realize how foolish he sounds?

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PostPosted: Tue Apr 28, 2020 10:00 am    Post subject:

There was nothing illegal with what the Lakers did, it was simply a bad decision. Other teams Twitter accounts are roasting them good, they are the butt of many jokes. Just bad PR.
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PostPosted: Tue Apr 28, 2020 10:19 am    Post subject:

venturalakersfan wrote:
There was nothing illegal with what the Lakers did, it was simply a bad decision. Other teams Twitter accounts are roasting them good, they are the butt of many jokes. Just bad PR.

Nothing new for this front office. Us along with the knicks are the butt of all front office and management jokes deservedly so
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activeverb
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PostPosted: Tue Apr 28, 2020 11:30 am    Post subject:

The God Particle wrote:
activeverb wrote:
dabask11 wrote:

If the FO can't recognize the lakers aren't a small business who should need a loan then it makes you wonder what else they can't recognize in terms of operations.


To be fair, the Lakers did qualify as a small business under the original terms of the program. This is really about legalese, public relations, and companies taking advantage of government socialism whenever it's in their self-interest to do so.


I'm not sure anyone is contending they didn't "qualify". Clearly they got the loan.

Many of us are just ashamed that while millions are completely without, and many other millions are starving, that our beloved franchise would even think about extending their hand out.

This is akin to seeing Jeanie Buss in line at the local food bank - yes, she "qualifies", but is that really the point?



I learned long ago that most companies will use every advantage and loophole they can find.

The Lakers are just another business, acting in their own self interest.

The NBA is filled with owners who built their fortune on unethical behavior. I find it funny that some people use this example to praise Ballmer, who became one of the weathiest men in the world screwing people in anyway he could.
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DancingBarry
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PostPosted: Tue Apr 28, 2020 12:42 pm    Post subject:

First off, a chapter in your company's history is going to be written by what you do and don't do during this time. This is just such an awful decision, there is no sugar coating it.

Right now is not a time for what I can get. It's about how much can I give. Can I take care of everyone in my company even if we are hurting? What can I do for their families or vendors that might be devastated? Can we sacrifice something or do something extra to make a difference in their lives?

I'm sure in most companies the accounting people probably came to the leadership and said, hey, this is an option for us. My people did that for me. But the answer is pretty simple for us...no. Save it for those who need it. We can manage.

Secondly, I don't understand how an organization as financially successful as the Lakers are cannot have enough in reserve to be able to make payroll for many, many months should something happen to revenues. And, how, as successful as they are that they cannot easily find a way to take care of their own should they somehow not have the cash on hand.

Just a bad look on this decision and one that's a bit hard to understand.
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hoopschick29
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PostPosted: Tue Apr 28, 2020 2:08 pm    Post subject:

DancingBarry wrote:
First off, a chapter in your company's history is going to be written by what you do and don't do during this time. This is just such an awful decision, there is no sugar coating it.

Right now is not a time for what I can get. It's about how much can I give. Can I take care of everyone in my company even if we are hurting? What can I do for their families or vendors that might be devastated? Can we sacrifice something or do something extra to make a difference in their lives?

I'm sure in most companies the accounting people probably came to the leadership and said, hey, this is an option for us. My people did that for me. But the answer is pretty simple for us...no. Save it for those who need it. We can manage.

Secondly, I don't understand how an organization as financially successful as the Lakers are cannot have enough in reserve to be able to make payroll for many, many months should something happen to revenues. And, how, as successful as they are that they cannot easily find a way to take care of their own should they somehow not have the cash on hand.

Just a bad look on this decision and one that's a bit hard to understand.


It bears repeating - interest rates are damn near zero. Even if by some yoga-inspired stretch of the imagination the Lakers were cash poor, they can walk into AnyBank USA, and name their price on a line of credit that would help them cover any pending expenses. Instead they, like what is an increasing number of rich flush companies, made a run on a fund that was supposedly meant for the most vulnerable of small businesses.

I'm starting to think this whole small business relief thing was a scam all along. How easy would it have been to put some safe guards in place to prevent this? You could even bribe the banks with a few more points on the dollar to process actual small businesses. But what actually happened was desperate small business got thrown in the trick bag, while the rich businesses applied, were approved, and got their money in the same time it takes to get a payday advance loan from Check N2 Cash.
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