Roughly a half-dozen firms with ties to the hashish trade received $3.5 million to $8.7 million from the federal authorities’s Paycheck Protection Program designed to assist small companies preserve staff employed through the COVID-19 pandemic.
According to Regulation360, the following ancillary companies received the PPP loans based mostly on a authorities database made public this week:
- Anne Holland Ventures, writer of Marijuana Business Daily, $1 million-$2 million.
- Akerna Corp., a hashish compliance expertise firm, $2 million-$5 million.
- The Arcview Group, a hashish funding analysis agency, $150,000-$350,000.
- Canna, a marijuana consulting agency doing enterprise as Canna Advisors, $150,000-$350,000.
- Hemp Temps, a hemp and marijuana staffing company, $350,000-$1 million.
Regulation360 beforehand reported that marijuana expertise firm MassRoots received a PPP mortgage of $50,000.
Whether hashish firms are eligible for loans underneath this system, signed into regulation March 27, has been considerably unclear.
The U.S. Small Business Administration guidelines seem to ban companies that derive income from direct marijuana firms from receiving the federal stimulus money.
But consultants interviewed by MJBizDaily over the previous a number of months provided totally different interpretations of the principles. They additionally mentioned that mortgage eligibility could possibly be decided by an organization’s current banking relationship as a result of monetary establishments really problem the loans.
The loans had been designed to assist cowl payroll but additionally could possibly be used for lease, mortgage curiosity or utilities. An organization assembly these standards can apply for its complete mortgage to be forgiven.