TULSA – The Osage Nation Gaming Enterprise announced it received full Personal Paycheck Program loan forgiveness for its $9.1 million granted in federal funding during the COVID-19 pandemic.
In 2020 as the COVID-19 pandemic spread across the United States, the U.S. Congress passed the Coronavirus Aid, Relief and Economic Security Act (CARES Act), which allocated billions of dollars for assistance to eligible businesses, states and municipalities. As part of the CARES Act, the PPP was established as a small-business loan program to keep workers employed amid the pandemic.
Osage Casinos CEO Byron Bighorse informed the Gaming Enterprise Board of the PPP loan update during the June 23 meeting. “We did receive approval for a full forgiveness of our PPP loans,” Bighorse said, noting further specifics will be discussed in the meeting’s executive session reserved for business proprietary matters as allowed by Osage law. Afterward, casino management issued a statement on the loan forgiveness.
“When we were forced to close our seven casinos due to COVID-19, we feared the impact would be substantial to the Osage Nation,” Bighorse said in the statement. “The PPP loan was critical to helping us weather the storm, and our team was extremely diligent in how those funds were managed.”
In May 2020, ON Congress unanimously passed resolution ONCR 20-18 (sponsored by then-Congressional Speaker Joe Tillman) authorizing the GEB to sign a $9.1 million loan for Osage Casinos to participate in the PPP. The resolution required Congressional approval due to the loan amount, as well as a limited waiver of sovereign immunity required by the lender, which is Bank of Oklahoma.
According to ONCR 20-18: “The PPP loan amounts are forgivable as long as the loan proceeds are used to cover payroll costs and other allowable uses under the CARES Act for mortgage interest, rent and utility costs (not to exceed 25% of the PPP amount) over an 8-week period after the loan is made to statutorily qualifying businesses and employee and compensation levels are maintained.”
Osage Casinos sought the loan after all seven casino properties closed their doors in March 2020 as part of efforts to reduce the COVID-19 spread. The next month, about 75% of casino employees were furloughed due to the extended closure.
The statement noted Osage Casinos “moved swiftly to implement safety precautions, cleanliness tracking software and operating procedures immediately following their closures. They reopened two months later in May 2020 and recently hosted ESPN – Top Rank fights at the Skyline Event Center inside its Tulsa casino.”
The Skyline Event Center is now booking other special events and performances. According to the casino website, country music duo Maddie & Tae are scheduled to perform on July 31 and rock band The Revivalists have a concert scheduled Nov. 6.
For more information on casino amenities, job opportunities, to make hotel reservations and entertainment listings, visit www.osagecasinos.com
By
Benny Polacca
Original Publish Date: 2021-07-08 00:00:00