Welcome to your April Issue of the ESOP Report. This month we've packed the report with tons of articles and news about ESOPs that you won't want to miss!
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Inside this issue:
The ESOP Association
ESOP Association Resources
Apr. 14
DOL Commits to Provide Long-Sought Regulatory Clarity with Stakeholder Input on the Valuation of Company Shares to be Bought by an ESOP
Washington, D.C., April 14, 2023 – In a major victory for Employee Stock Ownership Plans (ESOPs), the U.S. Department of Labor has committed to move forward with a public notice and comment rulemaking on a key regulation the community has sought since ESOPs were first created in 1974. The regulation will clearly define Adequate Consideration under Section 408(e) of the Employee Retirement Income Security Act of 1974 (ERISA).
Washington, D.C., April 14, 2023 – In a major victory for Employee Stock Ownership Plans (ESOPs), the U.S. Department of Labor has committed to move forward with a public notice and comment rulemaking on a key regulation the community has sought since ESOPs were first created in 1974. The regulation will clearly define Adequate Consideration under Section 408(e) of the Employee Retirement Income Security Act of 1974 (ERISA).
Sep. 29
In this month’s jam packed issue: TEA talks Employee Ownership Month, the recent petition filed with the Department of Labor, and several events and updates for the Employee Ownership Foundation, including ESOPATHON! Also don’t miss the EOM poster contest winner, an AACE Awards update, and Edmunson Scholarship recipients.
Sep. 22
Washington, D.C. – The ESOP Association (TEA) today exercised its rights under the Administrative Procedure Act to petition the U.S. Department of Labor (DOL) to undertake a long-delayed rulemaking essential to the formation and ongoing operation of ESOPs. Since 1974, the Department of Labor has steadfastly refused to fulfill requirements of the Employee Retirement Income Security Act (ERISA) in violation of Congressional direction and stakeholders’ rights under the Administrative Procedure Act (APA).
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.
Apr. 03
April ESOP Report Now Available
The April edition of the ESOP Report is now available online for members of TEA.
This month's edition is special. In our expanded ESOP Report you will find articles about all the new member benefits we are providing to help our members weather the current health and financial crisis. We hope this month's newsletter becomes a valuable resource for your employee owners or, for our professional members, your clients.
The April edition of the ESOP Report is now available online for members of TEA.
This month's edition is special. In our expanded ESOP Report you will find articles about all the new member benefits we are providing to help our members weather the current health and financial crisis. We hope this month's newsletter becomes a valuable resource for your employee owners or, for our professional members, your clients.