Pres. Trump agrees to allow small casinos to receive SBA support
The small voice made a loud call to authorities for help due to the coronavirus
In a new policy presented by President Donald Trump’s administration, it seems to be that at least small-scale casinos will be eligible to get emergency package relief from the Small Business Administration (SBA), after all. This new provision includes gambling venues with no more than 500 employees that can now apply for any of the SBA loans. This policy is also effective for small casinos run by Native American tribes.
“For nearly 25 years, companies that made more than one-third of their revenue from gambling were barred from receiving Small Business Administration loans,” reported Jonathan O’Connell and Aaron Gregg. “That remained true when the government doled out a $349 billion fund for small businesses, called the Paycheck Protection Program, as part of the $2 trillion economic stimulus package. But following lobbying from the casino industry, new rules issued by President Trump’s administration Friday state that no business is disqualified from receiving PPP loans because of gambling revenue.”
The change in policy came from the efforts made by officials from both political parties in Nevada who kept pressing the administration to make these businesses eligible. Senators Catherine Cortez Masto and Jacky Rosen, as well as Governor Steve Sisolak, were behind the request stating that the state’s economy has been hit incredibly hard.
Not everyone has taken this as good news, “It’s not what I would consider a socially significant industry. Casino owners have a lot of money in the first place, said Public Citizen’s, Craig Holman. “Big-name Las Vegas casino operators such as Las Vegas Sands and Caesars aren’t eligible for PPP funds because their locations typically employ more than 500 people,” continued the report. “But the American Gaming Association estimates that more than 6,000 businesses in 30 states could qualify under the new rules.”