WASHINGTON, D.C. – Today, U.S. Senator Jacky Rosen (D-NV) released the following statement in response to news that the Department of Treasury has changed Small Business Administration rules to allow more small businesses involved in gaming to qualify for Paycheck Protection Program loans. The rule – which allows entities that obtain less than half of their revenue and less than $1 million from gaming to apply for Paycheck Protection Program loans – still falls far short of allowing all gaming small businesses from accessing relief Congress authorized under the CARES Act.
“SBA’s minimal action here shows that we need a statutory fix to assist gaming businesses,” said Senator Rosen.
“While SBA has taken a step forward on this issue, a rule that excludes our gaming manufacturers and casinos is wholly insufficient. Nevada’s small businesses represent the heart of our economy, and I’ll continue working to ensure gaming small businesses are fully included in COVID-19 relief.”
BACKGROUND: Earlier today, Senator Rosen joined the Nevada delegation in a letter to Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell calling on them to expand the eligibility of hotels, casinos, live entertainment and noninvestment grade businesses to access critical loan programs and economic stabilization assistance under the Coronavirus Aid, Relief and Economic Security (CARES) Act.
Last week, Senator Rosen led Nevada’s Congressional delegation in a bipartisan letter urging Congressional leadership to include gaming small businesses in Nevada and across the country in the U.S. Small Business Administration’s Paycheck Protection Program (PPP).
On April 1, Rosen led a group of Senators, including Senator Cortez Masto, in a letter to SBA Administrator Jovita Carranza asking her agency to allow all gaming small businesses to access PPP loans, in line the with the Congressional intent of the CARES Act.