Cannabis banking reform included in latest Congressional COVID relief bill
Marijuana Stocks, Finance, & InvestingUncategorized May 14, 2020 MJ Shareholders
House Speaker Nancy Pelosi unveiled a new $3 trillion coronavirus relief package on Tuesday that includes long-sought banking reform for the legal cannabis industry. While the bill includes more relief for impacted businesses, cannabis companies will not likely be eligible to receive those funds.
The 1,800-page bill, named the Health and Economic Recovery Omnibus Emergency Solutions Act, or HEROES Act, represents the next phase of COVID-19 relief aimed at helping Americans struggling through the current public health and economic shock.
The bill would:
- Offer hazard pay to health care workers fighting the pandemic
- Send a second $1,200 payment to most taxpayers
- Extend the weekly $600 boost to unemployed workers through January 2021.
- Provide relief to students burdened with college debt
- Bolster state budgets hammered by COVID-19 costs
- Provide safe harbor for banks that serve state-legal cannabis companies
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