New House Bill would make Cannabis Businesses Eligible for Federal Aid
As we previously reported, cannabis businesses were excluded from the CARES Act and other economic rescue bills, due to the illegality of marijuana at the federal level. But, as reported by Marijuana Moment, a new bill, introduced by Rep. Earl Blumenauer (D-OR) and other bipartisan cosponsors, would make weed businesses eligible for aid.
The new bipartisan House bill is titled the Emergency Cannabis Small Business Health and Safety Act and would allow cannabis businesses to be eligible for the Paycheck Protection Program and the Economic Injury Disaster Loans program, administered by the SBA. As of now, the SBA specifically excludes marijuana companies from these programs.
The new bill would make it possible for state-legal cannabis businesses suffering from the Covid-19 crisis to participate in the programs, regardless of the federal designation of cannabis as a schedule-1 drug.