Lakers Got A Small Business Loan

[thunderc]

The other companies are keeping their share, so i think the Lakers realized they did the wrong move and reversed course, but I get it...Lakers Haters have got to pour out the hate on them

What really makes no sense is why you were trying to say it was just sent to them. It is clear they applied for it and got it. Obviously what happened is they thought they could get this and not have anyone know, while telling everyone they weren’t going to lay off anyone. Once found out they had to send it back, they got caught being cheap period.

 

[True Lakers Fan]

What really makes no sense is why you were trying to say it was just sent to them. It is clear they applied for it and got it. Obviously what happened is they thought they could get this and not have anyone know, while telling everyone they weren’t going to lay off anyone. Once found out they had to send it back, they got caught being cheap period.

Thats the way it sounded at first, as long as they are sending it back... Its tough to judge them because maybe they wanted to help a lot of people in their industry as well... In spite of how it looks... It does not look good, but over the years I know they have given to many... So I do have some confidence in their desire to do good. For every winner in this pandemic, there is going to many losers. Im just glad to be a winner this time around, so I have no complaints and have not applied for the stimulus as I do not need it... I just hope i dont dont to regret that choice...lol

 

[Edonidd]

So why did they apply in the first place? I can’t believe the league allowed this.

Free money. All you have to do is ask for it. I would have asked for 6 million too if I had the people to handle that for me.

 

[True Lakers Fan]

Free money. All you have to do is ask for it. I would have asked for 6 million too if I had the people to handle that for me.

Not exactly free - A loan by Webster's dictionary is something you have to pay back - I am shaking my head at the people who have been told they don't have to pay any rent for one year - but that rent will be owed a year from now - Do they honestly think a bunch of people living from month to month will ever have that money and wont move out without paying it?

 

[WiggyRuss]

Why'd they even apply?


Weak sauce imo. Actual small buissness could've used that money. And those processing applications did not need pointless busy work.

Dr. Buss would not be impressed.

the Buss' dont have the money like the Allen trust, or Cubans or Gilberts or Arisons, or Ballmers, etc....when your main business is basketball you just cant play with the big boys dollar wise in the modern nba.

 

[broncosmitty]

the Buss' dont have the money like the Allen trust, or Cubans or Gilberts or Arisons, or Ballmers, etc....when your main business is basketball you just cant play with the big boys dollar wise in the modern nba.

Dr. Buss was a self made man.

A hard worker, who earned everything he ever had with his own blood sweet and tears. And wise decisions. He never would've asked for other people's tax dollars to pay some bills.


This is shameful of his kids.

Those other uber richers gave away PPE and funds to those in need. They didn't stick out their hand and rattle a change cup.

 

[WiggyRuss]

Dr. Buss was a self made man.

A hard worker, who earned everything he ever had with his own blood sweet and tears. And wise decisions. He never would've asked for other people's tax dollars to pay some bills.


This is shameful of his kids.

Those other uber richers gave away PPE and funds to those in need. They didn't stick out their hand and rattle a change cup.

i remember Larry Miller from the Jazz and Abe Pollin for the Bullets---- and of course Buss from the Lakers....old school NBA owners that built from the ground up- and grew franchises in a fledgling league to the billion dollar entities that they are today.

Nowadays- owners buy teams as their toys. A quote from a tv show i watch was interesting - it said "owning a professional sports team is how we knight people in America". and its kind of true. Usually you are a titan of industry that buys a team for a bill or two from all the money you made from another business.

The Millers, Pollins, etc. are now all just about gone from the NBA. As far as I can tell the only long time NBA owner that is left is the Lakers and the Buss family trust. Itll be interesting to see how long they can hold on before the inevitable occurs.

Reinsdorf too i guess--- though he owns the White Sox too....

 

[broncosmitty]

i remember Larry Miller from the Jazz and Abe Pollin for the Bullets---- and of course Buss from the Lakers....old school NBA owners that built from the ground up- and grew franchises in a fledgling league to the billion dollar entities that they are today.

Nowadays- owners buy teams as their toys. A quote from a tv show i watch was interesting - it said "owning a professional sports team is how we knight people in America". and its kind of true. Usually you are a titan of industry that buys a team for a bill or two from all the money you made from another business.

The Millers, Pollins, etc. are now all just about gone from the NBA. As far as I can tell the only long time NBA owner that is left is the Lakers and the Buss family trust. Itll be interesting to see how long they can hold on before the inevitable occurs.

Reinsdorf too i guess--- though he owns the White Sox too....

Bill Davidson died and the Pistons went to shit.

People that earn their money, respect that of others.

 

[thunderc]

Not exactly free - A loan by Webster's dictionary is something you have to pay back - I am shaking my head at the people who have been told they don't have to pay any rent for one year - but that rent will be owed a year from now - Do they honestly think a bunch of people living from month to month will ever have that money and wont move out without paying it?

As long as these companies use 75% of the money to pay salaries and rent and they don’t lay anyone off the loan turns into a grant that does not have to be paid back. That is why it’s so tempting to cheat the system no matter how much money or how many championships you have.

 

[Heatles84]

I do not believe that is correct, other than they decided to return it when they learned the fund was depleted. I don’t believe anyone got a small business loan that didn’t apply for it.

This

 

[trojanfan12]

They didnt apply, the money was sent out as a loan to a lot of companies who didnt ask for it and a small business will use it. If you know how to read, you will find that the article says it was sent in error and the Lakers are RETURNING the money to be redistributed to a needy company

No, they did apply for it and they qualified.

Nothing wrong with that. Quite a few larger companies did. I would guess that based on numbers of actual employees, most NBA franchises qualify as small business, even though they make the money of a large business.

The money that will be lost wasn't the result of poor business practices, so they applied to recoup some of their losses.

The top execs took pay reductions and the Lakers vowed to continue to pay employees through what would be the end of the season. So, they applied for the loan to help with that.

Once they learned that the fund that the money came from was depleted and there were smaller businesses that would be hurt, they did the right thing and returned the money as did a few other larger companies that qualified.

 

[True Lakers Fan]

No, they did apply for it and they qualified.

Nothing wrong with that. Quite a few larger companies did. I would guess that based on numbers of actual employees, most NBA franchises qualify as small business, even though they make the money of a large business.

The money that will be lost wasn't the result of poor business practices, so they applied to recoup some of their losses.

The top execs took pay reductions and the Lakers vowed to continue to pay employees through what would be the end of the season. So, they applied for the loan to help with that.

Once they learned that the fund that the money came from was depleted and there were smaller businesses that would be hurt, they did the right thing and returned the money as did a few other larger companies that qualified.

Great post and well said... The Lakers did whats right for their community

 

[True Lakers Fan]

As long as these companies use 75% of the money to pay salaries and rent and they don’t lay anyone off the loan turns into a grant that does not have to be paid back. That is why it’s so tempting to cheat the system no matter how much money or how many championships you have.

The Lakers did not cheat the system though and did qualify legally. There was no warning ahead of time of limited funds, but once they knew of that.. They agreed to return the money

 

[trojanfan12]

give me a fn break. Look they got caught trying to get free money from the government, period.

They didn't "get caught" doing anything. It was a loan that was out there, they applied and they qualified.

Seems like the real issue would be with the fact that they qualified.

As I said in my previous post, based on the number of actual employees, NBA franchises likely qualify as small businesses.

In fact, the Lakers are actually helping other small businesses that are technically larger than they are.

The folks who work at Staples Center as ushers, food service workers, etc. aren't Lakers employees, they work for a company(s) that are hired to run those operations for them. So, the Lakers (along with the Kings and Clippers) are continuing to pay those companies so that they don't have to let anyone go or furlough anyone.

 

[HuskerinBig10]

Lots of small businesses in my area have not received the loans and I know the owners are struggling.

Yet, I read that Harvard, Princeton, Yale, The LA Lakers, publicly traded companies with millions in the bank are getting the loans. meanwhile, bob and Laura's restaurant no money. The hair dressers, no money. The true small businesses, are left hoping for handouts.

 

[True Lakers Fan]

No, they did apply for it and they qualified.

Nothing wrong with that. Quite a few larger companies did. I would guess that based on numbers of actual employees, most NBA franchises qualify as small business, even though they make the money of a large business.

The money that will be lost wasn't the result of poor business practices, so they applied to recoup some of their losses.

The top execs took pay reductions and the Lakers vowed to continue to pay employees through what would be the end of the season. So, they applied for the loan to help with that.

Once they learned that the fund that the money came from was depleted and there were smaller businesses that would be hurt, they did the right thing and returned the money as did a few other larger companies that qualified.

I should have clarified one thing..The Lakers by our standards may appear to be a big company because 3.7 billion dollars is a lot of money. In comparison to larger companies, however they are a small company which appears to be the standard set by the feds. The Lakers set out to help their employees and still will..They did nothing wrong

 

[thunderc]

I should have clarified one thing..The Lakers by our standards may appear to be a big company because 3.7 billion dollars is a lot of money. In comparison to larger companies, however they are a small company which appears to be the standard set by the feds. The Lakers set out to help their employees and still will..They did nothing wrong

Not saying it was wrong, but the reason they changed course is that the list was made public. I don’t see any other franchises on the list.

 

[True Lakers Fan]

Not saying it was wrong, but the reason they changed course is that the list was made public. I don’t see any other franchises on the list.

I am glad they reversed course, in spite of it not being wrong...I personally would have been embarrassed by the list being made public with my name on it...My first thought when i heard about it was to be a bit angry as I viewed it as a bush league move...

But they reversed it in favor of smaller companies, so they fixed their error

 

[Battlelyon]

How, exactly, did the LA Lakers get a 'small business' loan?

"I never expected in a million years that the Los Angeles Lakers, which, I'm a big fan of the team, but I'm not a big fan of the fact that they took a $4.6 million loan," Treasury Secretary Steven Mnuchin said on CNBC Tuesday morning. "I think that's outrageous and I'm glad they returned it or they would have had liability."

 

[WiggyRuss]

Not saying it was wrong, but the reason they changed course is that the list was made public. I don’t see any other franchises on the list.

Steve Ballmer and his billions was not looking for a public handout. That is for sure--- nor were Cuban, Gilbert, Gore, Arison, etc. etc. etc.