Last week, a $2.2 trillion economic stimulus was signed into law to delay the economic damage that will occur as a result of the coronavirus pandemic and legal hemp growers are entitled to emergency loan assistance and any other aid as result.
Here’s where you can apply for Economic Injury Disaster Loans and Loan Advances: learn more
The hemp industry made some inquiries on the program guidelines and other aids in order to make things clearer for people in the business who need the loan. They’re also willing to assist business owners in drawing up a hemp business plan pdf.
You are qualified for a loan advance of up to $10,000 if you own a small business in the United States.
Hemp businesses are able to overcome the temporary loss of funds by applying for a disaster loan program which provides working capital loans of up to $2 million.
Funds will be given to applicants that are successful after three days of being approved and based on U.S. Small Business Administration. You won’t have to payback this loan back.
- SBA DEBT RELIEF?
The SBA’s main program for providing small businesses with financial aid is called the 7(a) loan program.
Hemp farmers are eligible for a six month principal and interest on any new 7(a) loans given before Sept. 27, 2020 according to the new stimulus package.
- EXPRESS BRIDGE LOANS
Small companies can get a loan of up to $25,000 without much paperwork and immediate turnaround if they currently have a business relationship with an SBA Express Lender in the Pilot Program of the Express Bridge Loan and of course they must also have a detailed hemp business plan pdf.
The idea behind these loans is for it to help with the temporary loss of funds and when applying for a direct SBA Economic Injury Disaster loan which will be paid back fully or in parts by the funds from an EIDL loan, it can also be used here as a bridge.
Go to any SBA District Office around you to get an Express Bridge Loan Lender and if you need help getting started with the hemp business plan pdf.
- FARM AGENCY LOANS
Throughout the coronavirus outbreak period, hemp producers can keep applying for loan from the U.S. Department of Agriculture’s Farm Service Agency.
According to the USDA, the loans are “critical for annual operating and family living expenses,” they also stated that the process of getting loan is being made flexible for people by the federal agency.
- AGRICULTURE IS AN ESSENTIAL SERVICE
“Agriculture is vital to our country, and will play a vital role during the COVID-19 response,” this is based on the USDA website. Actually, agriculture is listed as one of the 16 critical infrastructure sectors.
According to the USDA “In addition to providing safe and nutritious food for American families, the agricultural sector also accounts for roughly one-fifth of our nation’s economy.”
Seeing as marijuana is still federally illegal, growers of marijuana are not qualified for any of these loans, while legal growers of hemp are seen as part of an important infrastructure because they are a part of the agricultural sector.