USA: coronavirus relief plan includes banking access for cannabis businesses

On Tuesday, Democrats unveiled a gigantic $3,000 billion aid package to support businesses and individuals economically affected by the coronavirus pandemic. The bill, dubbed the «Heroes Act», includes provisions to protect banks serving cannabis businesses from federal penalties, with the addition of the SAFE Act.

Congressman Ed Perlmutter, the bill's chief sponsor, had raised the issue at a Democratic Caucus meeting. The Speaker of the U.S. House of Representatives, Nancy Pelosi, supported the bill.

I just learned the #SAFEBankingAct is included in the CARES 2.0 package. I have been pushing for this because the #COVID19 crisis has only exacerbated the risk posed to cannabis businesses & their employees & they need relief just like any other legitimate business. #copolitics

- Ed Perlmutter (@RepPerlmutter) May 12, 2020

A summary legislation indicates that the SAFE Banking «Would allow legal cannabis-related businesses, which in many states remained open during the COVID-19 pandemic as essential services, and their service providers, access to banking services and products, as well as insurance.»

«This section also requires reports to Congress on access to financial services and barriers to market entry for potential and existing legitimate minority-owned cannabis-related businesses,» he continues.

The House of Representatives adopted the SAFE Banking Act last year. The bill has been stalled in the Senate Banking Committee ever since. Negotiations on the bill continue, with Chairman Mike Crapo recommending a series of changes. Senator Cory Gardner declared that an agreement was «close».». The addition of the economic stimulus plan could, however, speed up its passage.