A brand new $2.2 trillion coronavirus stimulus package designed to stop the U.S. market from crashing includes aid for legal hemp businesses. Furthermore, the aid package signed into law Friday enables legal hemp operators to seek loans and direct assistance to keep their companies running smoothly.
The provisions include:
- $10 billion for Small Business Administration crisis endowments, with a potential of $10 million in crisis aid per company.
- Around $50 billion in borrowing authority to the U.S. Department of Agriculture’s Commodity Credit Corp. (CCC).
- $100 million in funding to expand internet connectivity in underserved areas.
Americans across the country continue to step up to the challenges they face in uncertain times. In addition, the USDA promised farmers Friday they wouldn’t be abandoned when it came to receiving coronavirus aid. It seems the USDA is trying to make sure those who need help will get it. Whether it’s through providing food itself, ensuring that the food supply chain is safe, or through rural development loan options, they have a lot of resources to help people, especially during tough times.
Continue Reading to Learn More About the New Coronavirus Stimulus Package…
The law also establishes a $454 billion platform for subsidized loans to larger sectors in hopes of leveraging a potential $4.5 trillion in financing to distressed companies.
Many hemp entrepreneurs are celebrating the stimulus package as good news for business overall. However, some argue Congress left certain things out that would’ve helped business. Some circulated a petition calling for Congress to utilize the coronavirus package to improve the hemp industry by:
- Including the “SAFE Banking Act” which would allow CBD Hemp companies to get bank loans.
- Shifting the Internal Revenue Service (IRS) tax code to permit individuals to make use of money in tax-shielded health savings accounts or flexible spending accounts to purchase hemp and CBD legally.
- Shifting dietary nutritional supplements laws to permit over-the-counter CBD commerce.
None of these measures made it on the actual bill.
The crisis usually means the U.S. Food and Drug Administration could proceed more slowly on reconsidering CBD and other hemp extracts. The FDA continues to review CBD, but has not taken actions to expand its lawful use.
Hemp entrepreneurs will need to seek out executive actions to push forward FDA acceptance for CBD. The pandemic means that companies in the Hemp CBD space require urgent action to enhance customer and merchant confidence.
