Paycheck Protection Program Loans for Tobacco, Hemp, and Marijuana Companies? We Blog Tobacco Law We Blog
On March 27, 2020, the elected President finalized the Coronavirus Aid, Relief, and Economic safety Act, expanding the small company Administration’s (SBA’s) 7(a) loan system by developing the Paycheck Protection Program (PPP). The PPP authorizes up to $349 billion in federally supported loans through June 30, 2020, or until funds come to an end, for all smaller businesses across the nation. Because of the pace that is rapid that the government has enacted and implemented this legislation, you might be wondering in case your tobacco, hemp, or cannabis company is entitled to PPP loans.
Do you know the General Eligibility Needs?
A small business could be qualified to receive a PPP loan if it had been in operation on February 15, 2020, compensated workers or separate contractors, and satisfies any one of several criteria that are following
Has 500 or less workers whoever major bar or nightclub is with in the U.S.;
Operates in a particular industry and fulfills relevant SBA employee-based size criteria for the industry (if relevant);
Qualifies as a 501(c)(3) tax-exempt nonprofit company, a 501(c)(19) tax-exempt veterans company, a Tribal company concern as described in § 31(b)(2)(C) of this business Act, a “small business concern” as defined in § 3 of this small company Act; or
Operates under a single proprietorship or as a completely independent contractor or qualified self-employed person.
A small business is ineligible for the PPP loan for just about any associated with the after reasons:
It really is involved with any task that is unlawful;
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