U.S. Senators Call For Cannabis Businesses To Be Included In Covid-19 ReliefApril 28, 2020
A group of 10 U.S. Senators, all Democrats, are calling on legislative leaders to include small, state-level cannabis businesses in future Covid-19 relief packages. The group, led by Jacky Rosen of Nevada and Ron Wyden of Oregon, notes that current regulations prevent cannabis companies from benefiting from Small Business Administration-backed financing, including the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL).
“The cannabis industry supports more than 240,000 workers in the United States, spanning 33 states and the District of Columbia,” the letter states. “Some of these jobs have already been lost due to the Covid-19 pandemic and the resulting economic crisis, and there is significant risk of greater job loss in the coming months. Many cannabis businesses are small-to-medium size operators, and some have been ordered to close to comply with state public health safety measures without having access to the same support systems in place as other small businesses in different sectors.” A new $484 billion stimulus bill was signed by the president late last week, including funds to replenish the PPP, which was quickly depleted after its initial round of funding last month.—Daniel MarstellerSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.
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