Federal loan program opened to all small gaming businesses

Fri, Apr 24, 2020 (9:38 a.m.)

The Small Business Administration is opening up a forgivable loan program to all small gaming businesses, without revenue restrictions, under guidelines released this morning.

The SBA had previously excluded businesses that made more than $1 million and 50% or more of their revenue from gaming.

The program offers forgivable loans for businesses to pay employees and cover other basic operating expenses. It was instituted after businesses nationwide were forced to temporarily close to help curb the spread of the coronavirus.

President Donald Trump today signed a bill including $250 billion to replenish the loan program, which quickly burned through its initial funding.

Nevada lawmakers and the American Gaming Association had been calling for the change.

“The Trump Administration’s attempt to prevent small gaming businesses from accessing grants and loans was foolish from the start,” U.S. Rep. Dina Titus, D-Nev., said in a statement. “The people who work at these small businesses can finally get some relief."

U.S. Rep. Steven Horsford, D-Nev., said lawmakers never intended for gaming businesses to be excluded from the program.

He said he was glad the SBA “agreed to change their position after hearing from the entire Nevada delegation.”

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