Like pretty much anything that happens in Washington DC, the Coronavirus Aid, Relief and Economic Security (CARES) Act had good intentions but a mixed bag of results. On the positive side, it provided provisions for citizens who were facing mounting bills and shrinking income; aid to small businesses; expanded unemployment insurance and more. On the downside, there was seemingly little oversight as to who was able to get money from the loan program.
The Los Angeles Lakers, per ABC News, received about $4.6 million through the Small Business Administration’s Paycheck Protection Program – before giving the money back due to the outcry. It is true that any professional sports team has, in addition to their million-dollar professional athletes, a large network of salaried employees who are actually responsible for keeping the team running. For every LeBron James, you have a dozen of more employees whose job is to manage catering, run security, coordinate travel, sell T-shirts, etc. Their jobs are important, too.