Steven Mnuchin calls Lakers’ $4.6 million federal coronavirus loan ‘outrageous’

One of the world’s most valuable sports franchises applied for and received $4.6 million from a federal loan program designed to help small businesses get through the novel coronavirus pandemic, which Treasury Secretary Steven Mnuchin called “outrageous.”

The Los Angeles Lakers, valued at approximately $4 billion, qualified because they have around 300 employees, falling below the program’s limit of 500.