Could Not Open File Lol. Json: Permission Denied Using Jq?

I am facing some kind of permission issue here. I am able to read a file with cat, make changes to it using nano but for some reason, jq is having permission issues. Here is what I am facing:

msp@coolpad:~/projects/lol$ jq .name lol.json
jq: error: Could not open file lol.json: Permission denied

On checking permissions, this is what I get:

msp@coolpad:~/projects/lol$ ls -l
total 4
-rw-rw-r-- 1 msp msp   0 Sep 27 04:04 lol-domains.txt
-rwxrwxrwx 1 msp msp 593 Sep 27 04:38 lol.json

As you can see, I have tried giving it 777 permission, still it's showing Permission denied. I know this is not a good idea to set 777 permission and I fully intend to change it back to 664 once the issue is resolved. Anyhelp would be appriciated.

Update 1: I have tried re-installing jq from snap but still, it doesn't solve the problem.

Update 2: Output of cat lol.json

msp@coolpad:~$ cat lol.json
{"name":"lol"}

Update 3: Output of echo '{"name":"lol"}' | jq .name

msp@coolpad:~$ echo '{"name":"lol"}' | jq .name
"lol"

Update 4: One work-around that poped up in comments:

cat lol.json | jq .name