The COVID-19 crisis has led to an unprecedented level of federal aid to businesses and individuals alike but much of it does not apply to cannabis businesses. As such, cannabis businesses need to follow its requirements in order to be in compliance with the law. Further, the FFCRA enacted the Emergency Paid Sick Leave Act, which requires certain employers to provide immediately available, paid sick leave to all employees. In addition, the current crisis has apparently placed proposed federal legislation like the SAFE Banking Act and the MORE Act even further to the back burner for the moment. The cannabis industry, however, will likely not be able take part in the loan program.
The COVID-19 crisis has led to an unprecedented level of federal aid to businesses and individuals alike but much of it does not apply to cannabis businesses. Here is a breakdown of how these recent aid packages affect the marijuana industry:
Coronavirus Preparedness and Response Supplemental Appropriations Act
This legislation, which became law on March 6, was mainly aimed at putting public health measures in place, but it did include a $20 million grant to the Small Business Administration to aid it in administering disaster loans to businesses affected by the COVID-19 crisis. This was followed up a few days later by a request to Congress...
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