Storefronts are re-opening and farms are commencing with planting season, and hemp and CBD businesses continue to seek out loans and disaster relief money as economic recovery begins.
Hemp industry members bristled at an announcement from federal agriculture officials in late May that money set aside for farmers wouldn’t be going to anyone growing hemp.
The U.S. Department of Agriculture said last month that the $16 billion earmarked for farmers who lost money due to the coronavirus excluded certain crops, including hemp and tobacco. The agency added later that farmers growing hemp and tobacco may be eligible if they can prove they have suffered a 5% or greater price decline from January to April 2020 and face additional marketing costs due to the coronavirus pandemic.
Money still available
Hemp and CBD businesses that are struggling currently should take time to understand their eligibility for federal government-sponsored economic relief programs, said attorney Garrett Graff of Denver-based Hoban Law.
“There are packages out there, like the Payment Protection Program, and although much of those resources are being consumed today, I anticipate this will be an ongoing exercise of federal government as we navigate this unprecedented crisis,” Graff told Hemp Industry Daily.
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