The Small Business Administration (SBA) is maintaining a FAQ document on the PPP program that will be regularly updated. The SBA states, "Borrowers and lenders may rely on the guidance provided in this document as SBA’s interpretation of the CARES Act and of the . . . PPP Interim Final Rules."
Pension & Investments is reporting that Preston Rutledge, the Assistant Secretary of Labor for the Employee Benefits Security Administration (EBSA), will be stepping down from his post in May.
In recognition of their increased and successful efforts amid the coronavirus outbreak, President Trump praised a number of shipping and trucking companies, including Tennessee-based ESOP Big G Express.
Update April 22: Congressional leaders and the White House announced an agreement yesterday which would, among other things, nearly double the amount available through the Paycheck Protection Program (PPP) by adding $320 billion in funding.
We're hearing stories from our members and the extraordinary things employee-owned companies around the nation are doing during this COVID-19 outbreak.
We surveyed ESOP companies starting on April 10 in order to gather data on how they are faring so far in the application process. As of this writing, we have received 164 responses from companies with ESOPs. Of these, 115 or 70% have already submitted a PPP loan application, and most of the rest are actively working with a lender.
The Paycheck Protection Program (PPP), part of the CARES Act stimulus package appears to be starting this morning, with some banks accepting applications.
As I talk with members, the word that keeps coming to mind is “resilience.” Some of you reading this are facing terrible choices and no-win situations. Some of you are seeing trouble approaching.
Jack Stack, the CEO of SRC Holdings, a 100% ESOP-owned company and creator of the Great Game of Business, is holding a free Q&A on responding to the coronavirus.
