Hemp Farmers and the CARES Act

by Newsfeed

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a sweeping third-wave relief package in response to the COVID-19 pandemic, became law March 27. Read the full overview of the bill here.

One of the CARES Act’s provisions include changes to the U.S. Small Business Administration’s (SBA) programs. These changes will send critical financial support to American businesses, including legal hemp businesses. The SBA has made clear in prior guidance that legal hemp businesses are eligible for SBA assistance. More information about eligibility can be found here and here.

Among SBA’s assistance program, some hemp businesses will qualify for the CARES Act’s new Paycheck Protection Program (PPP). The PPP provides up to $350 billion in cash-flow assistance to employers that maintain their payroll…

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