How did the Los Angeles Lakers get a small business loan?

Several large restaurant chains, an asset management firm and even the Los Angeles Lakers have returned money they received from the first $349 billion allotment in the Paycheck Protection Program.

The decision to give back the money comes amid complaints that many large companies are wrongly accessing a federal loan program intended to help small businesses hurt by the coronavirus pandemic.

Still, more than 200 other public companies are holding on to money from the program. They include three hotel companies tied to Texas entrepreneur Monty Bennett that got a total of $69 million from the program.

The program provides loans to small businesses to hold back the avalanche of layoffs generated by the lockdown. The loans are forgiven if the companies retain or rehire workers.

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