Allied Charities of Minnesota

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Paycheck Protection Program Update

24 Apr 2020 14:07 | Allen Lund (Administrator)

Members,


Here is the newly revised treasury rule on the PPP program.  It appears to eliminate gambling as a bar to eligibility. Should open the door to (c)(19)’s in particular, as well as (c)(3) groups. No word on the inclusion of 501-(c)(4)'s organizations. We have asked for them to be included, but no word back on that.

 

d. Part III.2.b. of the Third PPP Interim Final Rule (85 FR 21747, 21751) is revised to read as follows:
Are businesses that receive revenue from legal gaming eligible for a PPP Loan? 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.



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