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COVID-19: SBA Revises Guidelines on Forgivable Loans, But The American Gaming Association Says, This Isn’t Enough

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On April 14, 2020, the Small Business Administration (SBA) revised recent guidance that offered a little relief to a small segment of the gaming industry.
April 16, 2020

On April 14, 2020, the Small Business Administration (SBA) revised recent guidance that offered a little relief to a small segment of the gaming industry. The revised regulatory guidelines afford small businesses with less than $1 million in total revenue and less than 50% of that revenue coming from legal gaming to participate in the Paycheck Protection Program (PPP).

The American Gaming Association (AGA) noted certain small gaming companies forced to close to comply with state shutdown and social distancing orders are still denied access to crucial support to keep their business viable. While the new guidance from the SBA provides eligibility to some companies with legal gaming, it falls way short in helping small gaming companies. This leaves many small gaming companies looking for alternatives solutions to keep their business afloat, assist employees with insurance and maintain good standing with regulators in these unprecedented times.

The AGA will continue to push for changes that allow these small gaming businesses to seek relief for their businesses and employees.

As more is released, RubinBrown will provide updates to keep gaming operators informed.

 

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