One Step Closer for ESOPs with the Main Street Employee Ownership Act
TEA is pleased to share that recently the House of Representatives passed legislation, now heading to the Senate, that includes some strong provisions supporting ESOPs and employee ownership.
The ESOP Association
ESOP Association Resources
Mar. 22
Marty Walsh, the two-term mayor of Boston, was confirmed as the Labor secretary by the Senate in a 68-29 vote on Monday, March 22, 2021.
Please see the ESOP Association's Official Statement for more on this news.
Please see the ESOP Association's Official Statement for more on this news.
Mar. 09
Julie Su, current head of California’s Labor and Workforce Development Agency has been tapped by the Biden administration to be Deputy Labor Secretary under Labor Secretary Nominee Marty Walsh.
Mar. 09
$1.9 trillion relief bill includes $1,400 checks, billions for vaccines, and money to reopen schools. Restaurant, airplane manufacturing, concert venue industries set to benefit most.
Dec. 01
Economist Jared Bernstein has been selected to serve on by President-Elect Joseph Biden’s Council of Economic Advisors. Bernstein previously served as the chief economist to Biden during his tenure as Vice President in the Obama Administration. For ESOP companies, the move is particularly good news because Bernstein is very familiar with ESOPs and the benefits they provide.
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
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.