Treasury Secretary Steven Mnuchin is a fan of the Los Angeles Lakers, but he's adamant he doesn't support the NBA's second most valuable franchise taking a $4.6 million loan as part of the federal government's Paycheck Protection Program, which is meant for small businesses.
The Lakers gave the money back, which Mnuchin appreciated, but during a Tuesday appearance on CNBC, the secretary said it was "unfortunate" and "inappropriate" for large companies to take the money, especially because the fund ran out so quickly. The Lakers were not the only large business that initially received loans.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
-
Today's political cartoons - September 7, 2024Cartoons Saturday's cartoons - football widows, meddling kids, and more
-
Smoking ban: the return of the nanny state?Talking Point Starmer's plan to revive Sunak-era war on tobacco has struck an unsettling chord even with some non-smokers
-
Crossword: September 7, 2024The Week's daily crossword puzzle
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
-
Disney and DeSantis reach detenteSpeed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
-
Visa and Mastercard agree to lower swipe feesSpeed Read The companies will cap the fees they charge businesses when customers use their credit cards
-
Reddit IPO values social media site at $6.4 billionSpeed Read The company makes its public debut on the New York Stock Exchange
-
Housing costs: the root of US economic malaise?speed read Many voters are troubled by the housing affordability crisis
-
Feds cap credit card late fees at $8speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
