The ESOP Association is diligently working in Washington on behalf of all ESOPs. Below is the information that they shared to all of their members* today.
New regulatory guidance unequivocally states that ESOP companies are eligible for Paycheck Protection Program (PPP) loans provided by the recently passed CAREs Act. The guidance was issued by the Small Business Administration (SBA), in conjunction with the Department of Treasury.
The ESOP Association actively lobbied Congress and the White House, asking that clear guidance be provided to banks and lending institutions regarding ESOP eligibility. TEA thanks Senators Ron Wyden (D-OR) and Ben Cardin (D-MD) for writing the SBA. Other members of Congress also provided clear support for this initiative.
Read all about this important development, which assures that ESOP companies have ready access to vital federal funding, in the latest Washington Alert.