Gaming – Coronavirus (COVID-19)

April 24, 2020August 31, 2020 by Duane Morris

SBA Updates Interim Regulatory Guidelines to Greatly Expand Accessibility of Paycheck Protection Program Loans to Gaming Businesses

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.

April 17, 2020August 31, 2020 by Duane Morris

SBA’s Interim Final Rule Clarifies Paycheck Protection Program Loan Eligibility Requirements

On April 14, 2020, the Small Business Administration (SBA) released an additional interim final rule applicable to Paycheck Protection Program (PPP) loans. The interim final rule covers eligibility criteria for self-employed individuals and partnerships, as well as clarifications for businesses affiliated with a PPP lender and businesses operating in the legal gaming industry. However, many of the concepts addressed in the interim final rule are also applicable to all loan applicants and the use of PPP loans in general. Note: Although the PPP funds have run out, Congress is discussing adding more money.

To read the full text of this Duane Morris Alert, please visit the firm website.

April 17, 2020August 31, 2020 by Duane Morris

Governor Returns Virginia Gambling Legislation with Amendments, Including Tax for COVID-19 Fund

In a March 17 Alert, we reported that Virginia’s General Assembly had sent Governor Ralph Northam two bills (Senate Bill 36 and House Bill 896), which, if signed, would permit five land-based casinos, online sports betting and up to 2,000 additional historical horse racing machines in the commonwealth. On the April 11 deadline to take action on the bills, Governor Northam returned them, each unsigned, to the Virginia legislature with amendments. While the governor’s proposed changes to the two bills appear minor (for example, they did not change tax rates, minimum capital expenditure requirements or the types of games), a new proposal would further expand gaming in Virginia, at least temporarily, by permitting and taxing skill-based machines in bars, convenience stores and truck stops to raise money for a COVID-19 relief fund.

To read the full text of this Duane Morris Alert, please visit the firm website.

April 15, 2020September 1, 2020 by Duane Morris

Small Business Administration Updates Interim Regulatory Guidelines to Help Certain Gaming Companies

On April 14, 2020, the Small Business Administration (SBA) issued revised interim regulatory guidelines for the Paycheck Protection Program (PPP). The revisions provide, in relevant part, that certain companies which derive revenues from legal gaming activities are eligible for PPP loans and are not automatically ineligible as previously thought pursuant to the interim regulatory guidelines released on April 2, 2020, and discussed in our previous Alert.

To read the full text of this Duane Morris Alert, please visit the firm website.

April 3, 2020August 31, 2020 by Duane Morris

Interim Regulatory Guidelines Preclude Gaming Businesses from Receiving Support Under the CARES Act Paycheck Protection Program

Much of the U.S. casino industry is currently ineligible to benefit from the Paycheck Protection Program portion of the newly enacted Coronavirus Aid, Relief and Economic Security Act (CARES Act). The American Gaming Association issued a statement regarding the interim guidelines and is taking action to have these guidelines amended.

To read the full text of this Duane Morris Alert, please visit the firm website.

March 16, 2020September 3, 2020 by Duane Morris

States Shutting Casinos Down to Combat COVID-19

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.