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).
The ESOP Association
ESOP Association Resources
Jan. 28
The Pennsylvania State house has passed HB 285 which would permit the deferral of taxation on a lump-sum distribution from Employee Stock Ownership Plans (ESOP). The legislation, sponsored by Rep. Daryl Metcalfe (R-Butler), puts the state on par with the rest of the nation and allows certain business owners who sell stock to an Employee Stock Ownership Plan (ESOP) to defer capital gains taxes collected at the sale of the business.
Jun. 26
On June 22nd, the Small Business Administration (SBA) and Department of the Treasury released revisions to the interim final rule on forgiveness and the interim final rule on loan review procedures for PPP loans.
Jun. 24
Companies planning to re-open their doors have a new resource to help them: The Occupational Safety and Health Administration (OSHA) has released guidance employers should use when developing policies and procedures that ensure the safety and health of their employees.
Jun. 19
Wednesday, The Small Business Administration (SBA) released two important documents related to the Paycheck Protection Program (PPP):
Jun. 10
New guidance from The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) outlines the differences between cloth face coverings, surgical masks and respirators.
Jun. 04
PPP loan recipients gain new flexibility, while retaining loan forgiveness.
May. 28
On May 15, 2020, the Small Business Administration (SBA) published a Loan Forgiveness Application that provides long awaited information regarding loan forgiveness under the Paycheck Protection Program (PPP). The PPP generally provides that borrowers are eligible for forgiveness of their PPP loans based upon certain qualifying expenses that arise during the eight-week period commencing on the date the loan was funded (which is known as the Covered Period).
May. 13
New funding options may exist for businesses, thanks to a new bill from the House and several potential modifications to existing federal relief programs.
May. 08
Companies that received PPP funds now have an extra week to decide if they should give them back.