The original guidance suggested that most tribal gaming operations would be ineligible to participate in the program if these businesses derived over 50% of their revenues from gaming. Tribes and states with legal gaming enterprises worked hard to oppose this limited and arbitrary criteria for inclusion within the program.
The new interim final rule removes the criteria and states that “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.”
Paycheck Protection Program Tribal Strategy
- Seek a financial services provider that is local or seek out a nationally-chartered bank like Native American Bank.
- Seek loans through Native owned banks and CDFI’s that are providing SBA 7(a) loans: Native Owned Banks
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