Armanino Blog
Article

Emergency Cannabis Small Business Health and Safety Act Introduced in House

by Mike Goral
April 23, 2020

Federal aid packages such as the Paycheck Protection Program have been helpful to many small businesses, yet cannabis companies were specifically excluded from the group of eligible businesses that could apply for this loan program.

In an effort to address this issue, Reps. Earl Blumenauer (D-OR) and Ed Perlmutter (D-CO) introduced the Emergency Cannabis Small Business Health and Safety Act in the U.S. House of Representatives. This bill would allow legal cannabis businesses to access disaster relief loans and other federal programs that were implemented in recent weeks during the COVID-19 crisis.

Although there is a long way to go before this becomes law, it is an encouraging sign that an effort is being made at the federal level to help cannabis companies which have been designated by state and local authorities as essential businesses during this crisis.

For the latest regulatory updates and more information on keeping your business running through disruption, visit the Armanino COVID-19 Resource Center.

April 23, 2020

Stay In Touch

Sign up to stay up-to-date with the latest accounting regulations, best practices, industry news and technology insights to run your business.

Resources
More News and Insights
Maryland Enacts Digital Advertising Tax
Article
The first-of-its-kind law is vague on definitions, where revenue is sourced and when it is taxable.
Provider Relief Funds – OMB Compliance Supplement Addendum
Article
If you received COVID-19 relief from the HHS, you may be subject to additional audit requirements.
Maximizing Founder Wealth Creation Through Effective Tax and Finance Strategies
Webinar
Gain insights on tax optimization, corporate finance and dilution.

March 3, 2021 | 10:00 AM – 11:00 AM PST