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Penguins Receive $4.82M Loan Through CARES Act Program

Among the 123 teams of the Big Four North American men's sports leagues, only the Penguins "received a loan under the Paycheck Protection Program," according to Larry Brooks of the N.Y. POST. The team received a loan of $4.82M through the program authorized by the CARES act. Per the Small Business Administration's website, "The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll." The Penguins said they "applied the funds to our $6.1M September rent payment to the SEA, which was used by the public agency to make its required bond payment." The Penguins "furloughed 40 employees through the summer, though they maintained full health benefits" (N.Y. POST, 12/27).

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