The Los Angeles Lakers qualified and received approximately $ 4.6 million from the government paycheck protection program, which was created to help small businesses suffering during the coronavirus pandemic. The Lakers finally returned the money.

The team, one of the most profitable franchises in the NBA, was able to secure loans from the Small Business Administration in the first round of distributions. The program’s $ 349 billion was quickly depleted as businesses of all sizes rushed to get loans.

“The Lakers qualified for a Payroll Protection Program loan, but the team quickly decided to pay back the funds,” NBA spokesman Mike Bass said in a text message.

While many large state-owned enterprises have received funding, hundreds of thousands of small enterprises have not, despite being the intended recipients. After the increase in public scrutiny, many of the large companies such as The Chris de Ruth House, Shake Shack and Sweetgreen said they would return the money.

PPP loans are primarily designed to help small businesses with fewer than 500 employees pay salaries and are repayable if 75% of the money is used on payroll and no employee is made redundant. A portion of the loans can also be used to pay for expenses such as mortgage or rent.

The Lakers have fewer than 500 employees, so were able to qualify under the program’s flexible guidelines, despite being valued at over $ 4 billion.

“Once we found out that the program funds had run out, we repaid the loan so that financial support was directed to those who need it most,” the team said in a statement. “The Lakers remain totally committed to supporting both our employees and our community.”

A second round of PPP money was added on Monday. But the SBA has issued new guidelines discouraging companies like the Lakers, which have access to capital from other sources, from applying.

The NBA has expanded its own line of credit, which franchises can now tap into if they need the money.

No other NBA team has received P3 funds, according to a source with knowledge of the situation who asked not to be named to discuss league affairs.

NFL spokesman Brian McCarthy confirmed that no NFL team has applied for P3 funding.

With the suspension of the NBA season, teams stand to lose millions in revenue from ticket sales and broken television commitments. The Lakers have said they will not lay off employees and have issued wage deferrals for senior employees.