SBA makes all small gaming businesses eligible for Paycheck Protection Program
All small legal gaming businesses in Nevada are now eligible for Paycheck Protection Program loans from the Small Business Administration. (KRNV/KRXI)
WASHINGTON (News 4 and FOX 11) — All small legal gaming businesses in Nevada are now eligible for Paycheck Protection Program funding from the Small Business Administration (SBA).
According to the revised regulations announced by the U.S. Treasury Department, “a business that is otherwise eligible for a PPP Loan is not rendered ineligible due to its receipt of legal gaming revenues.”
Delegates representing the Silver State on Capitol Hill have pushed for the change since the CARE Act coronavirus relief bill was passed.
Last week, U.S. Senators Jacky Rosen and Catherine Cortez Masto and U.S. Congresswoman Dina Titus of Nevada introduced a bill to congress to allow legal gaming small businesses to have full access to SBA loan and grant programs.
“Nevada’s gaming small business community is a vital part of our state’s economy, and they deserve the same access to federal aid as any other legal business,” Senator Rosen and Cortez Masto said in a joint statement. “We are glad to see that our calls for reform were answered and this much-needed step is being taken to provide gaming small businesses in Nevada and across the country access to financial support and aid during this difficult time. We will continue working to protect the health and economic well-being of our state.”
Congressman Mark Amodei says the revised regulations were basically a no-brainer.
"It's like so what are you telling these people?", says Amodei. "These people work in an industry where they’re not worthy of rescue during an absolute worst economic disaster in the country’s history? That’s an awful message to send to people. Yep were going to rescue this, we're going to do that, we’re going to do all this stuff, try to build a bridge but not for you people?”
Local small casinos are breathing a sigh of relief after the change. It is expected that small businesses will be able to apply for the loans on Monday.
“This money will help us protect our employees," says Ryan Sheltra, general manager of Bonanza Casino. "From day one we’ve eyed these funds, how can we put the money back into the hands of our staff that have been laid off. I've got 150 employees on the street right now, many of them that still don’t have unemployment benefits.”
