The Coronavirus (COVID-19) is a serious concern for everyone in our industry. Please know that we are actively monitoring developments as they relate to our particular member needs. We will offer updates and resources on this page to assist those struggling to find answers in this rapidly changing environment.
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FSGA Summer Conference updates
May 14, 2020
FSGA’s Summer Conference Has Been Postponed
Due to COVID-19, we’ve officially postponed the 2020 Summer Conference to June 6-8, 2021 at Omni Frisco/Dallas, Texas. The health, safety and financial welfare of our membership is of utmost importance and holding the conference would have been irresponsible. AMPED, our association management company, did a stellar job working with the Omni to put us in a good position for future conferences while also helping cash flow concerns. The Legal and Finance Committees audited and approved our new contract in record time and they continue to keep the organization protected in this difficult time.
April 24, 2020
SBA Expands Gaming Eligibility for PPP
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. Click to view the SBA’s regulatory guidelines.
Trump administration pulls rule barring PPP loans for small casinos
The Trump administration eliminated a rule that denied small casinos access to $350 billion in funds allotted for small businesses shuttered by the coronavirus outbreak, just in time for an additional $310 billion in Paycheck Protection Program funds embedded in a bill signed by Trump on Friday.
Click here to read this article from the Las Vegas Review Journal
Message from FSGA Chair Stacie Stern
While this is not how I envisioned my first email as FSGA Chair, I’m honored to have been elected by our Board of Directors to serve in this role, even in challenging times.
I recognize that the ongoing COVID-19 pandemic is putting most of our member businesses in an unprecedented situation and keeping up to speed with what it all means is difficult.
I wanted to share some of my own reflections about the current environment, as well as, the priorities for the Board in the coming weeks.
The outlook may seem daunting at the moment with challenges in how we go about our daily lives and implications for your business, but we have an incredibly talented group of people in our industry and I am convinced that we will come out of this in a strong position.
FSGA Summer Conference updates
FSGA leadership and staff are working diligently to find the best solution regarding our upcoming Summer Conference in Dallas-Frisco, Texas (June 15 & 16). The FSGA Summer Conference is still currently scheduled to take place as planned, but due to developments related to COVID-19 we are working on contingency plans and will notify you of any updates as soon as we have them.
Financial resources for members
FSGA members in the U.S.
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
- They are extremely friendly and fairly easy to get (From the underwriting perspective). The low rates and extended amortization make for very low-cost loans to help you to get through these hard times. They may take a little work but should be worth it.
- These loans are for working capital and not to expand or refinance existing debt. They may be used to pay fixed debts, payroll, rent, accounts payable and other bills that can’t be paid because of the disaster’s impact. (When requesting a loan amount break out items like 6 months of payroll, loan payments, inventory, etc.) I would put together a spreadsheet showing how much each of these items comprise to justify how much you will need.
- Loans of up to $2 million
- The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
- SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
- They are available to for profit and non-profits (Typically SBA loans are only available to for-profit companies, but they have made an exemption)
- They are administered directly through the SBA and not your local bank.
- On a case-by-case basis, loans offered under this program may have a forgiveness clause as a feature
- Taking your time to make sure that everything is filled out properly will do wonders to make sure that your loan is processed promptly. Rushing these forms will likely cause significantly more delays. It is worth it to fill everything our properly.
Coronavirus Aid, Relief and Economic Security (CARES) Act
State-by-state review of legislative response to COVID-19 (updated daily).
FSGA Members in Canada
Click to view the Department of Finance Canada page.
10% Wage subsidies for businesses: Provide eligible small businesses a 10 per cent wage subsidy for the next 90 days, up to a maximum of $1,375 per employee and $25,000 per employer for the period. This is available immediately as employers will deduct the amount from the tax remittances they make to government. While this is a good first step, we think that this will not be enough and are asking for the government to subsidize closer to 75% to 90% of employees’ wages as several European countries are now doing.
New Emergency Care Benefit: Financial support of up to $900 bi-weekly for up to 15 weeks to provide income support to workers who must stay home and do not have access to paid sick leave. The program is for Workers, including the self-employed, and those not eligible for EI. Applications for the Benefit will be available in April 2020. Canadians will need to re-attest every two weeks to reconfirm their eligibility.
New Emergency Support Benefit: The Emergency Support Benefit will provide up to $5 billion in support to workers who are not eligible for EI and who are facing unemployment. Applications will be available in April 2020.
Tax filing deadline extensions & Payment deferral: Individuals and Businesses will be able to defer their income tax payment (for taxes owed between March 18, 2020 and September 2020) until after August 31, 2020
Employment Insurance: The government waived, for a minimum of six months, the mandatory one-week waiting period for EI sickness benefits for workers in imposed quarantine or who have been directed to self-isolate. The government also waived the requirement for a medical certificate to access EI sickness benefits.
Work Sharing Program: A three-way agreement negotiated between Service Canada, the employer and employee to provide EI benefits to workers who agree to reduce their normal working hours. The program is extended from 38 weeks to 76 weeks. Those who have used work-sharing programs in the past will have their application fast-lined. Those who have not used the program in the past a Work-Sharing agreement must be submitted a minimum of 30 days prior to the requested start date.
From the Canadian Federation of Independent Business: https://www.cfib-fcei.ca/en/small-business-resources-dealing-covid-19
Mental health resources for members
Global Mental Health Movement: Personalities from MLB, NHL, NFL, NBA/WNBA, MLS, Pro Boxing, Pro Volleyball, international sportsmen and women, announcers, actors, performers and musicians share their #samehere stories. Click to learn more and discover what STARR (Stress & Trauma, Active Release & Rewiring) practice they use.