Lawmakers File Bill To Let Marijuana Businesses Access Federal Coronavirus Relief Funds

Lawmakers File Bill To Let Marijuana Businesses Access Federal Coronavirus Relief Funds

Rep. Earl Blumenauer (D-OR) filed a bill on Thursday that would provide small marijuana businesses with access to federal coronavirus relief funds that are available to companies in any other industry. The bill—titled the Emergency Cannabis Small Business Health and Safety Act—would make marijuana firms eligible for three Small Business Administration (SBA) services: the Paycheck Protection Program, Economic Injury Disaster Loans program and Economic Injury Disaster Loans program. Currently, SBA specifically prevents marijuana businesses from receiving COVID-related relief due to federal prohibition. That also includes companies that work indirectly with the industry, such as accounting and legal firms. To address the problem, the bill would enact provisions stipulating that a business can’t be excluded from SBA programs simply because it is a state-legal cannabis company. “Notwithstanding any other provision of law, a business shall not be ineligible for assistance,” the legislation reads, “on the basis that the business is a cannabis-related legitimate business or a service provider.” That text would be added to three sections related to each SBA program the congressman wants the marijuana industry to be able to access. It also includes language protecting SBA officials from being punished for providing these services to the industry, specifying that they “may not be held liable pursuant to any Federal law or regulation solely for providing a loan or a loan guarantee to a cannabis-related legitimate business or a service provider in carrying out” the relief legislation.” “As Congress seeks to provide relief to small businesses across America, chief among…

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Source : MJ moment
Link to original : Lawmakers File Bill To Let Marijuana Businesses Access Federal Coronavirus Relief Funds
reposted by Cannabis News World

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