Pittsburgh Penguins Received $4.8M PPP Loan To Pay Rent
By: KDKA-TV News Staff
PITTSBURGH (KDKA) - The Pittsburgh Penguins got nearly $5 million in loans from a federal rescue package meant to help small businesses during the coronavirus pandemic.
The Penguins said in a statement that they borrowed $4.8 million in mid-August under the CARES Act after the arena closed in March. They said their landlord, the Sports & Exhibition Authority, denied a temporary deferral of their annual rent payment.
They say the loan was used to pay their $6.1 million rent to the SEA, which the public agency used to make its required bond payment.
"The SEA indicated it is facing similar financial difficulties due to the closure of the SEA-owned Convention Center, and we are pleased that these funds were used to support an important public agency during these challenging times," the Pens' statement says.