Casinos And Taverns Among Businesses Eligible For Coronavirus Relief
Over 10,000 loans totaling nearly $1.3 billion have been approved for small businesses in Montana as part of the federal coronavirus relief package.
Out of the $350 billion allocated to small businesses nationwide through the Paycheck Protection Program (PPP), nearly $250 billion in loans had been approved as of Apr. 13.
Montana Senators Steve Daines and Jon Tester and Congressman Greg Gianforte have lobbied for the PPP to include taverns and small casinos. The SBA announced on Apr. 14 taverns would be eligible but businesses that derive at least half their income from gambling would not.
The U.S. Small Business Administration says the average loan size in the country was around $240,000. Seventy percent of the approved loans were $150,000 and under.
The top four sectors that received loans nationwide include construction; professional, scientific and technical services; manufacturing; and health care and social assistance.