Small casinos can access White House emergency loan
American Gaming Association praises move that will allow small scale casinos to access emergency funding due to the Covid-19 outbreak.
US.- Small casinos have been given access to the emergency loan program from the Trump administration, which will help them to ease financial woes due to lockdown measures.
On Friday, the White House announced that the Small Business Administration (SBA) emergency loan program will be available to small casinos.
Before the announcement, the SBA’s Paycheck Protection Program (PPP) precluded businesses that received more than half of their revenue from gambling.
The announcement was praised by the American Gaming Association (AGA).
AGA President and CEO, Bill Miller, said: “In the nearly one month since the CARES Act was enacted to provide economic relief to blunt the impact of the Covid-19 pandemic, the American Gaming Association and our allies have fought tirelessly to correct the Small Business Administration’s antiquated policy that precluded gaming companies from qualifying for loans through the Paycheck Protection Program.
“We are pleased that the new regulatory guidelines released today make small gaming companies eligible for this critical program just as Congress has replenished its funding.”
Nevada Governor, Steve Sisolak, tweeted: “A great step forward for our gaming small businesses. I am proud that the Nevada delegation worked hard to secure this aid for our Silver State!”
Las Vegas and Nevada casinos have been hit hard by lockdown measures and lack of financial protection, so news of the loan will appeased worries in the state.
