The CARES Act, which provides businesses temporary loan relief during the CoVid-19 outbreak, became law on March 27, 2020. It provides two loan programs, The Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program, for small businesses, including the self-employed.
Based on the way the programs are designed and our understanding of the statutory language, professional gamblers would not be eligible for the EIDL program, but they would qualify for the PPP.
What is the Paycheck Protection Program
The PPP loan program allows borrowers to obtain a loan in order to cover certain business-related expenses, including payroll, rent and utilities, from February through June 2020.