Cannabis companies operating in the marijuana space face some unique difficulties when it comes to the COVID-19 crisis. As my colleague posted about last week, those companies will not be able to take advantage of the SBA loans offered under the CARES Act. It is likely they will also not be able to access the CARES Act’s payroll protection loans because those loans are administered by the SBA. Companies operating in the hemp space should be able to take advantage of the various loan programs. The Fox team has prepared a list of state loan programs that cannabis companies may be able to take advantage of.
Although marijuana businesses may not receive the financial benefits of the CARES Act, they must comply with the CARES Act, the Families First Coronavirus Response Act (FFCRA), and other related legislation. Fox has a number of resources covering these requirements in our Coronavirus Resource Center, including this recent piece focusing on certain FFCRA requirements and small business exemptions from FFCRA.