Marijuana Businesses Are Ineligible For Coronavirus Disaster Relief, Federal Agency Confirms

Marijuana Businesses Are Ineligible For Coronavirus Disaster Relief, Federal Agency Confirms

The federal Small Business Administration (SBA) reiterated on Monday that marijuana companies are not eligible for disaster relief loans to lessen the blow of the coronavirus outbreak. Because cannabis remains illegal at the federal level, the marijuana industry is being denied access to these aid opportunities, including programs administered by SBA. The agency’s Northwest branch confirmed that in a response to a tweet from a cannabis business owner who inquired about eligibility. “With the exception of businesses that produce or sell hemp and hemp-derived products [that were federally legalized under the 2018 Farm Bill], marijuana-related businesses are not eligible for SBA-funded services,” the post states. With the exception of businesses that produce or sell hemp and hemp-derived products (Agriculture Improvement Act of 2018, Public Law 115-334), marijuana-related businesses are not eligible for SBA-funded services (OMB, 2 C.F.R. § 200.300).— SBA Pacific NW (@SBAPacificNW) March 23, 2020https://platform.twitter.com/widgets.js Greg Hubly, the Washington State-based business owner expressed frustration and said there are “10 families I’m responsible for and know all this talk about business relief is just more bullshit messaging for my industry.” SBA recommended that he explore relief options provided by state or local agencies. Even though federal law prohibits the SBA from providing direct assistance, there are great resources for small businesses available from state and local sources. We hope these are helpful: https://t.co/o8Eppy7EuI— SBA Pacific NW (@SBAPacificNW) March 23, 2020https://platform.twitter.com/widgets.js Last week, an SBA spokesperson similarly clarified that marijuana companies aren’t getting a cut of the federal dollars being appropriated…

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Source : Marijuana.com
Link to original : Marijuana Businesses Are Ineligible For Coronavirus Disaster Relief, Federal Agency Confirms
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