The world over has been taken by surprise after the spread of the deadly Coronavirus. This novel virus has led to the closure of some of the largest manufacturing industries around the world. In some countries, the total lockdown has been instituted, further hindering any progress in the market.
The effect the situation will have on various aspects of life is still being realized. The financial sector, for one, has seen the direct impact, with businesses closing and the stock market-crushing.
Here, in the States, businesses received some relief after they could easily access the operational funds from the Paycheck Protection Program (PPP). These funds are to help the enterprises keep afloat and take care of their employees until the situation gets better.
Since the funds are limited, a cap was placed over the businesses that could access the monetary aid. The focus of the funds was to help small and growing businesses.
Unfortunately, some businesses would be otherwise eligible but have been locked out for one reason or the other. One such group of companies locked out of accessing the emergency payroll loans is the small casinos and gambling businesses.
Yes, while these small casinos and gambling businesses employ countless people across the nation, they were initially deemed ineligible to access the emergency loans.
Largely, this is what led Nevada legislators to seek the president’s attention and intervention on the matter. Most of the casinos -and hotels in the Nevada state directly employ tens of thousands of employees in various capacities. Consequently, this makes such businesses the backbone of the state’s economy. Additionally, disrupting these small casinos and gambling businesses can start a chain reaction that would impact Nevada’s financial stability.
Members from the Nevada congressional delegation first addressed the matter. The gaming industry, as well as senators from the state. A letter addressed to the House and Senate Leadership detailed the extent and vitality of these small casinos and hotels.
Slot machines and video poker are a few of the most prevalent games found in Nevada, especially in small businesses. It is essential to consider that while not every company is eligible to access the emergency payroll funds, these small businesses would otherwise be eligible for the pardonable business loans.
After the reports reached the president, he assured the small casinos and gambling businesses that they would not only have access to the funds, but the team was also looking at the best and most feasible ways to ensure companies would remain afloat.
In his response, Trump guaranteed the businesses that he would look into the matter actively. In the same address, he noted the only reason he hadn’t given the issue the attention it deserved, is no one had told him about it.
What remains to be seen is how fast these small casinos and gambling businesses will have access to these funds. The gaming industry is one of the hardest hit by the coronavirus pandemic. Primarily, this is because most of these businesses leverage large numbers of people, and with the government advising social distancing, the enterprises have experienced massive losses.