The COVID-19 pandemic has caused many industries to face financial hardship and depend on assistance from the government. The CARES Act (Coronavirus Aid, Relief, and Economic Security) made available loans, through the federal Small Business Administration’s Paycheck Protection Program (PPP), which was aimed at giving small businesses the ability to maintain their workforce and keep them active on the payrolls during the pandemic. However, many journalists dug into loan recipients and found recipients included big business. According to Cannabis Wire, many of the country’s biggest hemp companies qualified to receive loans from the federal government. The data shows that somewhere between $19 million and $42 million was distributed by the federal government to these hemp and ancillary cannabis companies.
– Cannabis Wire, Alyson Martin, 07/14/2020 8:00:00 PM
Open article: https://cannabiswire.com/2020/07/15/some-of-americas-biggest-hemp-companies-received-ppp-loans/