the cap on gambling earnings from one-third of a company’s revenue to one-half. The new rule removes the cap altogether.“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 Treasury Department wrote in the rule issued Friday.applauded
the decision, saying it makes “small gaming companies eligible for this critical program just as Congress has replenished its funding.” In an April 8 letter to Trump, the AGA had condemned the previous ban on casinos getting small-business funds as “antiquated policy,” that “individuals who are laid off will otherwise be pushed into unemployment assistance and Medicaid.”Members of Congress representing Nevada from both parties have pressed the administration in recent weeks to make the change. The state’s senators, Democrats Catherine Cortez Masto and Jacky Rosen, and Gov. Steve Sisolak celebrated the move.“This is a great step forward for our gaming small businesses.
“Granted they provide some jobs, but it’s not what I would consider a socially significant industry. Casino owners have a lot of money in the first place,” Holman said.“What is very offensive about this is that the casinos have been pouring a lot of money into lobbying to try to get included in the various bailout programs. … Now it appears that lobbying effort has paid off,” Holman said.
Treasury Department and Small Business Administration officials did not respond to requests for comment.
maggieNYT W T F Always ppl who suffer Crooks
A casino is hardly a small business....looks like lawsuits will be in order
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Lakers return $4.6 million loan they received as part of government's small-business programLakers return $4,600,000 loan they received as part of government's small-business program The Lakes actually applied for the loan. Perhaps that is the issue.
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