The ESOP Association
The emotional toll that the COVID-19 pandemic is having on Americans is becoming increasingly and alarmingly clear. New information suggests that ESOP companies may want to train an especially keen eye on the well-being of their employee owners.
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).
New funding options may exist for businesses, thanks to a new bill from the House and several potential modifications to existing federal relief programs.
Companies that received PPP funds now have an extra week to decide if they should give them back.
An agreement between Wilmington Trust and the DOL pays funds to ESOPs and includes costs for penalties and legal fees.
In this special 24-page issue get ideas on managing in a crisis, help planning for the reopening of your workplace, news of TEA’s expanding advocacy efforts and member benefits, updates on new webinars, and more!
COVID-19, remote work, hoteling, third shift
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.
Washington Alert: CARES Act Analysis of How Small Businesses Should Assess “Necessity” in Obtaining (or Considering Whether to Immediately Repay) Paycheck Protection Program Loans
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. 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.
New guidance assures that ESOP companies are eligible for key federal relief under the Paycheck Protection Program.
New guidance and a resource page from the EEOC can help reduce risk as employers make plans to reopen their businesses.