We are encouraged by news reports that President-elect Joseph Biden will nominate Isabel Guzman to lead the Small Business Administration (SBA). As the head of California’s Office of the Small Business Advocate, Guzman has gone on the record stating the important role ESOPs play in helping our nation retain millions of businesses that might otherwise close when their Baby Boomer owners retire—as many are expected to do in the next eight years.
The ESOP Association
ESOP Association Resources
Jan. 06
The ESOP Association congratulates Boston Mayor Marty Walsh on his reported nomination to the position of Secretary of Labor. Mayor Walsh has a history of engaging ESOP companies and encouraging employee ownership, and if he is confirmed, The Association looks forward to working with him and the Biden Administration to advance employee ownership.
Jan. 06
WASHINGTON – The Treasury Department and the Internal Revenue Service issued guidance today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP).
COVID-19, remote work, hoteling, third shift
Apr. 27
As companies mull how to return to work, they may want to consider ways that the workplace may need to shift and adapt to the COVID-19 pandemic. Here are some thoughts about how the future may look.
Apr. 27
There has been a clear shift in the political environment propelled by public discussions of certain large, public companies obtaining loans under the Paycheck Protection Program (the “PPP”) authorized by the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), including Shake Shack, Ruth’s Chris and others[1]. During this time, many small businesses have been quoted in the press expressing frustration with their inability to access the PPP program prior to the first round of guarantee authority being exhausted.
Apr. 24
New guidance assures that ESOP companies are eligible for key federal relief under the Paycheck Protection Program.
Apr. 24
During the COVID pandemic, The ESOP Association works with Congress and the SBA to ensure ESOPs are eligible for Paycheck Protection Plan (PPP) loans under the CARES Act. This critical guidance was issued by the Small Business Administration (SBA) and Treasury Department, and was supported by key ESOP Congressional Champions.
Apr. 24
New guidance and a resource page from the EEOC can help reduce risk as employers make plans to reopen their businesses.
Apr. 22
Congress and the Trump Administration have reached a deal on a new round of coronavirus aid entitled the Paycheck Protection Program Increase Act of 2020. The ESOP Association has remained aggressively engaged with key leaders in Congress and the White House to ensure ESOPs and employee owned businesses remain front of mind as legislation is drafted.
Apr. 08
Washington Alert: Senators Tell SBA That ESOPs Qualify for Relief, Urge Clear Instruction to Lenders
In response to TEA request, two influential Senators take action to clear the way for ESOPs to receive PPP funds.