In tranches of up to $10 million, the federal government is doling out $900 billion of forgivable loans to borrowers other than “plant touching” marijuana-related businesses (MRBs).
Pursuant to the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), supplementing the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), on Jan. 6, the U.S. Small Business Administration (SBA) and Department of Treasury issued Paycheck Protection Program (PPP) guidances for forgivable loans to new and previous borrowers, expanded the parameters of how the monies may be spent, and provided “set asides” for “minority, underserved, veteran and women-owned” businesses.
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