On April 24, 2020, the casino industry received some much-needed good news from the Small Business Administration (SBA). Specifically, the SBA issued revised regulatory guidelines for the CARES Act’s Paycheck Protection Program (PPP) that now make PPP loans available to small gaming businesses previously precluded from the program because of restrictions on gambling-based revenue, but otherwise met the eligibility requirements.
To read the full text of this Duane Morris Alert, please visit the firm website.
In the midst of the COVID-19 pandemic, casinos and racetracks have become the next domino to fall. Ohio, Indiana, Massachusetts, Illinois, Rhode Island, and parts of Pennsylvania have been required to shut down their facilities or keep the total number of individuals present under a designated limit. These announcements came late Friday afternoon after many of the states enforced limiting the number of public gatherings.
To read the full text of this article by Duane Morris attorney Joseph Caputi, please visit the Duane Morris Gaming Law Blog.