Paycheck Protection Program Loans Extended to Small Gaming Operations
April 24, 2020 interim final rule from the SBA
extends much needed Paycheck Protection Program loan relief to eligible legal
gaming operations, including small tribal casinos.
On April 24, 2020, the U.S. Department of the Treasury issued Interim Final
Rule on Requirements for Promissory Notes, Authorizations, Affiliation, and
Eligibility. As part of the continuous guidance issued regarding the
Paycheck Protection Program, the newest
Rule extends the loan to eligible
legal gaming operations including small tribal gaming operations as follows:
d. Part III.2.b. of the Third PPP Interim Final Rule (85 FR 21747, 21751) is
revised to read as follows:
Are businesses that receive revenue from legal gaming eligible for a PPP
A business that is otherwise eligible for a PPP Loan is not rendered
ineligible due to its receipt of legal gaming revenues, and 13 CFR
120.110(g) is inapplicable to PPP loans. Businesses that received illegal
gaming revenue remain categorically ineligible. On further consideration,
the Administrator, in consultation with the Secretary, believes this
approach is more consistent with the policy aim of making PPP loans
available to a broad segment of U.S. businesses.
If a tribal or non-tribal legal gaming operation meets the other PPP loan
eligibility requirements, it will be eligible to receive the PPP loan.
Sacks Tierney has qualified attorneys to answer your questions about
these provisions and to help guide your business if you wish to apply for
and obtain any of the assistance available through the CARES Act.
See our other articles on government action
related to the COVID-19 pandemic.