Blog Post April 30, 2020

SBA Issues PPP Enforcement Guidance

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."
Blog Post July 2, 2024

SBA Simplifies Valuation Requirements for ESOP Transactions

When it became law in 2018, the Main Street Employee Ownership Act was widely seen as a boost to employee ownership by facilitating SBA financing, but so far, it has had only a minor impact, supporting the financing for fewer than a dozen ESOP transactions. The U.S.
Blog Post May 13, 2020

SBA Updates Guidance on Payroll Protection Program Compliance

On May 13, 2020, the SBA, in consultation with the Department of the Treasury, updated its Frequently Asked Questions to include a new Question 46 that provides additional guidance about the certification needed to prove that the funds were necessary in order to maintain payroll and thus eligible for forgiveness.
Blog Post September 24, 1998

Scott Forge Thrives as ESOP Company

Scot Forge in Spring Grove, IL, is one of the oldest ESOPs, with a plan dating back to 1978. The metal forging company was founded in 1893 and sold to an ESOP when the then-current owner decided to use the plan as a means to provide a market for his shares.