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

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

Marijuana Moment reports…”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.”   Here’s the introduction – we suggest you link through and closely read this important  MM report 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. Read full story. https://www.marijuanamoment.net/marijuana-businesses-are-ineligible-for-coronavirus-disaster-relief-federal-agency-confirms/   Also see the same report over at Lex Blog SBA Announces that Cannabis Businesses Will Not be Eligible for Economic Injury Disaster Loans By Joseph A. McNelis III March 25, 2020 On March 23, the federal Small Business Administration (SBA) stated that cannabis businesses will not be eligible for loans under its Economic Injury Disaster Loan (EIDL) Program, despite expanding the program in response to COVID-19 (Coronavirus). However, the SBA noted that businesses that produce or sell hemp and hemp-derived products may apply for such loans. An EIDL can provide low-interest financial assistance to a business that suffers substantial economic harm as a result of a federally-declared disaster. In the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020, Congress included provisions allowing the SBA…

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