The ESOP Association
ESOP Association Resources
Jun. 23
Employee ownership is continuing to see support in Congress, coming off two huge wins in the U.S. Senate. This time the House Appropriations Committee is considering a bill that would continue to direct the Small Business Administration to act in support of employee ownership. This effort continues the drumbeat in Congress, led by The ESOP Association, supporting employee ownership. Details are below.
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Jun. 22
Senate Finance Committee passes the Enhancing American Retirement Now (EARN) Act, which includes a provision partially expanding section 1042 tax deferral to ESOPs that are S-corporations. The EARN Act section 1042 provision matches a similar provision in the Securing a Strong Retirement Act (H.R 2954) which passed the House of Representatives in March. The bill passed the Senate Finance Committee with unanimous support.
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Jun. 17
The Senate Finance Committee today released a summary of the Enhancing American Retirement Now (EARN)
Act that includes a provision partially expanding section 1042 tax deferral to ESOPs that are S-corporations. Expanding section 1042 tax treatment to S-corporations has been a top priority of The ESOP Association’s advocacy efforts for many years and has been a focus of recent advocacy days and grassroots advocacy campaigns, including at TEA’s National Conference for the last 2 years.
Act that includes a provision partially expanding section 1042 tax deferral to ESOPs that are S-corporations. Expanding section 1042 tax treatment to S-corporations has been a top priority of The ESOP Association’s advocacy efforts for many years and has been a focus of recent advocacy days and grassroots advocacy campaigns, including at TEA’s National Conference for the last 2 years.
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Jun. 14
The United States Senate Health, Education, Labor, and Pensions (HELP) Committee has passed S. 4353, the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg (RISE and SHINE) Act, which includes significant provisions that promote ESOPs and require the U.S. Department of Labor (DOL) to provide regulatory guidance the Association has been seeking for more than four decades.
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Jun. 07
Comment Letter Forewarns against Future Use of Proposed New Regs Against ESOPs; Requests the Department hold Public Hearings
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Jun. 02
New legislation, titled the RISE and SHINE Act, is expected to be introduced into the U.S. Senate with significant provisions that promote ESOPs and requires the U.S. Department of Labor to provide long-needed regulatory guidance.
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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.
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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).
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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.
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May. 08
Companies that received PPP funds now have an extra week to decide if they should give them back.
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