Amodei: More Than $1 Billion in Relief Provided to Nevada's Small Businesses, Small Gaming Entities & Their Suppliers Hung Out to Dry
FOR IMMEDIATE RELEASE
Contact: Logan Tucker, 202-225-6155
CARSON CITY – Congressman Mark Amodei (NV-02) today released the following statement regarding the more than $1 billion in Paycheck Protection Program (PPP) loans paid out to Nevada’s small businesses as of April 13. According to a report released by the Small Business Administration (SBA) this week, out of the $350 billion allocated for the PPP under the CARES Act, about $246 billion in loans have already been approved, leaving approximately $100 billion which is expected to be exhausted sometime this week.
“The good news is, we’ve been able to quickly get this money out to Nevada’s small businesses,” said Rep. Amodei. “While I’m pleased this rescue-tool has been afforded to some of Nevada’s small businesses, the discrimination against small gaming employers and their workers has left a permanent stain on the U.S. Treasury and the SBA.
“I suggest the Treasury Secretary and SBA Administrator refrain from scheduling any ‘thank you’ rallies in Nevada any time soon, as their irrational decision to refuse assistance to many deserving small businesses completely flies in the face of specific provisions contained in the CARES Act.”
- As of April 13, Nevada has approved a total of 4,209 PPP loan applications for small businesses, totaling $1,255,172,600 in assistance.
- The SBA’s interim ruling regarding the PPP excluded small gaming businesses and their employees from receiving any assistance under the CARES Act due to a 25-year-old regulation. This discriminatory guidance renders small gaming businesses ineligible for critical loan assistance if they derive more than one-third of their revenue from legal gaming activities. The final interim ruling issued on April 14 still doesn’t offer a statutory or practical fix, impacting communities across 43 states.
- Congressional intent in the CARES Act for the PPP was for all small businesses to be eligible. In fact, in Section 1102 of the CARES Act, the legislation explicitly states that “in addition to small business concerns, any business concern, nonprofit organization, veterans organization, or Tribal business concern described in section 31(b)(2)(C) shall be eligible to receive a covered loan” if the business has 500 or fewer employees.