The Los Angeles Lakers have returned approximately $4.6 million that they received from a federal government program intended to help small businesses.

The Lakers applied for relief through the Small Business Administration's Paycheck Protection Program. As a business with approximately 300 employees, the Lakers were eligible for a PPP loan, which is forgivable so long as the recipient spends 75% of the amount on payroll and doesn't fire anyone. The Lakers were estimated to be worth more than $4 billion before COVID-19.

"The Lakers qualified for and received a loan under the Payroll Protection Program," the Lakers said in a statement to ESPN. "Once we found out the funds from the program had been depleted, we repaid the loan so that financial support would be directed to those most in need. The Lakers remain completely committed to supporting both our employees and our community."

The PPP ran out of money after less than two weeks. The Lakers have the capacity to borrow at favorable rates as one of the NBA's most valuable franchise.