Big news for the cannabis industry: on April 30, 2024, the Drug Enforcement Administration (DEA) announced that it will reschedule marijuana from Schedule I to Schedule III under the Controlled Substances Act (CSA). The Biden...more
A recent court decision shows an evolving stance toward cannabis companies facing financial distress and seeking bankruptcy protection. Taken together with the U.S. Department of Health and Human Services recommending that...more
The Oregon Liquor and Cannabis Commission (OLCC) is set to adopt a new temporary emergency tax compliance rule for cannabis retailers that will be problematic for many in the industry. The rule, which is in response to...more
In January, a California bankruptcy court issued an opinion providing another lifeline to cannabis companies that could benefit from the protection of the federal bankruptcy code – to reorganize or liquidate assets. The...more
The cannabis industry in Oregon has been struggling in recent years. In addition to being impacted by inflation and an ailing economy, vast overproduction of cannabis in the state has caused prices to fall....more
Cannabis retailers in Oregon should be on high alert, as inspectors from the Oregon Liquor and Cannabis Commission’s (OLCC) Marijuana Program have begun to ramp up the number of Minor Decoy Operations (MDOs) being conducted...more
With the passage of HB 3000, a lot is about to change in Oregon’s hemp industry.
One of the more immediate changes registered hemp growers may notice is additional enforcement action in areas of the state where illegal...more
On July 19, 2021, Governor Kate Brown signed HB 3000, a comprehensive bill that gives the Oregon Liquor and Cannabis Commission (OLCC) significantly more authority and oversight over the hemp industry – including the...more
Shortly before the end of the bizarre and painful 2020 calendar year, the Consolidated Appropriations Act for 2021 (the Act) was signed into law, providing an additional $284 billion appropriation for the Paycheck Protection...more
3/22/2021
/ American Rescue Plan Act of 2021 ,
B&O Tax ,
Borrowers ,
Business Expenses ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Department of Revenue ,
Joe Biden ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Popular ,
SBA ,
Tax Exemptions
Shortly before the end of the bizarre and painful 2020 calendar year, the Consolidated Appropriations Act for 2021 (the Act) was signed into law, providing an additional $284 billion appropriation for the Paycheck Protection...more
3/12/2021
/ Borrowers ,
Business Expenses ,
Capital Expenditures ,
Centers for Disease Control and Prevention (CDC) ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Department of Health and Human Services (HHS) ,
FCC ,
Hospitality Industry ,
Loan Forgiveness ,
NAICS ,
OSHA ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Personal Protective Equipment ,
Property Damage ,
Restaurant Industry ,
Rule 501(a) ,
SBA ,
Small Business
After months of stalled negotiations, Congress finally passed the Consolidated Appropriations Act for 2021 (the “Act”), which includes a $900 billion stimulus package to support the ailing economy. The Act, signed into law by...more
On the roller coaster ride that is the interpretation of the Paycheck Protection Program (“PPP”) by the U.S. Small Business Administration (“SBA”), on October 26th, the SBA issued a notice to the Office of Management and...more
11/10/2020
/ Assessment ,
Borrowers ,
Business Necessity ,
CARES Act ,
Coronavirus/COVID-19 ,
Lenders ,
Liquidity ,
OMB ,
Paycheck Protection Program (PPP) ,
Questionnaires ,
SBA
On October 2, 2020, the Small Business Administration published new guidance outlining the procedures that PPP borrowers and lenders must follow in the event that a PPP borrower undergoes a “change of ownership.” For parties...more
On Wednesday, June 3, the Senate passed the Paycheck Protection Program Flexibility Act (“Flexibility Act”), a bill that loosens the restrictions for obtaining loan forgiveness under the Paycheck Protection Program (“PPP”)....more
In its continuously updated FAQ Guidance, the Small Business Administration (“SBA”) has advised that it will review the individual loan files for businesses that have received a Paycheck Protection Program (“PPP”) loan of...more
Over the past few weeks, many of our clients who have received Paycheck Protection Program (“PPP”) loans have expressed concern about whether they had adequate basis to certify that their PPP loan request was necessary to...more
Over the past week, many clients who have received Paycheck Protection Program (“PPP”) loans have inquired about whether (a) they satisfy the PPP loan certification requirements following provision of additional guidance from...more
As businesses are required to remain shut down as a result of the COVID-19 pandemic, access to capital resources continues to be a pressing issue for our clients. This FAQ addresses many questions that businesses may have...more
After the enactment of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), the federal government has been primarily focused on providing funding to small businesses through the Paycheck Protection Program...more
On April 2, 2020, the U.S. Small Business Administration (“SBA”) published an Interim Final Rule (“IFR”) addressing the implementation of the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic...more
On March 27, 2020, the CARES Act, a $2 trillion stimulus package aimed at aiding individuals and businesses in the U.S. that have been impacted by the COVID-19 pandemic, was signed into law. The CARES Act includes a $349...more