HomePublicationsNewsletter ArchiveVolume 26Issue 17SBA REVERSES POLICY BANNING CASINOS FROM PPP FUNDING

The Small Business Administration (SBA) issued a revision to its rule that makes casinos eligible for a Paycheck Protection Program (PPP) Loan earlier today provided they meet the other requirements of the program, such as having fewer than 500 employees. PPP Loans are intended to provide economic relief to small businesses nationwide under the CARES Act. 

Gaming businesses were originally ineligible for funding, however, the SBA revised its policy to make eligible certain small businesses that derive revenue from legal gaming after receiving sharp criticism from Senators in states that have significant gaming presences as well as from American Gaming Association President and CEO Bill Miller.

Today's new revision states that a business is not rendered ineligible due to its receipt of legal gaming revenues, and 13 CFR 120.110(g) is inapplicable to PPP loans. Under this new policy, businesses that received illegal gaming revenue still remain ineligible.  

"I'm grateful to President Trump and his administration for recognizing that commercial and tribal gaming industry employees deserve the same support available to other small businesses, and for the significant, sustained efforts of members of Congress to amplify the need for changes to the guidelines to get small gaming operators and their employees through this challenging time," Mr. Miller stated in an April 24 press release.

The revised policy can be read in full here.

 

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