Today, the Small Business Administration (SBA) issued an Interim Final Rule stating that legal gaming businesses would be eligible for the Paycheck Protection Program (PPP). Part III.2.b. of the Rule (85 FR 2147, 21751) reads as follows:
Are businesses that receive revenue from legal gaming eligible for a PPP Loan? 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.
The full guidance can be accessed here: home.treasury.gov/system/files/136/Interim-Final-Rule-on-Requirements-for-Promissory-Notes-Authorizations-Affiliation-and-Eligibility.pdf
This comes as after weeks of tireless outreach from our Member Tribes, sister tribal organizations, and advocates to Congress and the Administration. We want to thank and show our deep appreciation for all the hard work done on this important COVID-19 relief resource for Tribal Gaming.
The National Indian Gaming Association urges all Member Tribes operating facilities with 500 or less employees to apply for the Paycheck Protection Program as soon as possible. The backlog from the original funding amount for PPP is backlogged and is issued on a first come, first served basis. All information on the application process of this Program is found on the link above.
Please reach out to Danielle Her Many Horses at email@example.com if you have any questions or concerns with this alert.