Gardner and Neguse Secure Updated Guidance from SBA to Ensure Mom and Pop Restaurants Can Access Paycheck Protection Program Loans

The updated guidance allows restaurants and taverns that also have small gaming operations to access grants and loans available through the CARES Act

Washington D.C. — Today U.S. Senator Cory Gardner (R-CO) and Congressman Joe Neguse (D-CO) secured updated guidance from the Small Business Administration (SBA) to help many mom and pop restaurants access small business loans and weather the COVID-19 pandemic. 

On April 3rd, Senator Gardner and Congressman Neguse wrote to the SBA requesting updated guidance to ensure small taverns and restaurants in Gilpin County, Colorado and throughout the country who also participate in some level of casino operations are able to access loans available under the Paycheck Protection Program. 

“The Paycheck Protection Program is one of the most important aspects of the CARES Act, but we must ensure the program is available to everyone in Colorado in need,” said Senator Gardner. “I’ve spoken directly with businesses in Gilpin County that are frustrated by ambiguous rules standing in the way of relief. These barriers are unacceptable and I’m pleased the see the Small Business Administration listened to Congressman Neguse and I and took steps to address these problems to support more small businesses.”

“Gilpin County in my district has been categorized as one of the hardest hit counties in the country,” said Congressman Joe Neguse. “Ensuring that mom and pop small businesses, restaurants and taverns have access to essential relief funds is critical to ensure the entire county can recover from this public health emergency.”  

The new guidance reads: “A business that is otherwise eligible for a PPP Loan is not rendered ineligible due to its receipt of legal gaming revenues, and 13 CFR 120.110(g) is inapplicable to PPP loans. Businesses that received illegal gaming revenue remain categorically ineligible. 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.” 

Learn more about the new guidance from the Small Business Administration here.