Because pot is illegal under federal law, cannabis businesses are unable to access and participate in SBA’s loan programs—financial support that is designed to pay workers, health care benefits, and family or sick leave.
“Cannabis businesses are major employers and significant contributors to local economies in Colorado and across the country,” U.S. Rep. Ed Perlmutter (CO-07) stated. “They should receive the same level of support as other legal, legitimate businesses and be eligible for SBA relief funds during this COVID-19 crisis.”
Perlmutter says the industry generated $1.7 billion in sales for the state last year — and it employs 45,000 people.
Last week, Perlmutter helped lead a bipartisan coalition of nearly three dozen Congressmembers in calling on House leadership to ensure cannabis businesses are included in future relief efforts.
The new legislation would grant state-legal cannabis businesses eligibility for the Paycheck Protection Program (PPP), Economic Injury Disaster Loans (EIDL), and Economic Injury Disaster Loans emergency advances.