Updated April 23, 2020 at 10:40 am PST.
As the coronavirus pandemic continues to unsettle people across the globe, many businesses and industries are finding themselves equally shaken. This page will serve to collate the resources out there that are out there for both your health and health of your business.
The Paycheck Protection Program (PPP)
The program began accepting loan applications on April 3, and the NCEO is has added a blog post about how the program works, including updates about who must sign applications.
After the funds were exhausted, congress passed another extension adding roughly $331 billion in available funding. On April 23rd, the SBA, in conjunction with the treasury department, issued guidance on the PPP program which can be found here.
We conducted a brief questionnaire to assess how successful ESOPs are in applying for the PPP loan. Click here to read the results.
The NCEO is maintaining a growing set of questions and answers specific to employee ownership during the coronavirus outbreak, including the CARES Act and the sick-leave provisions of the Families First Coronavirus Response Act (FFCRA).
The NCEO hosted a three-webinar series on the topics most affecting the ESOP and employee ownership community, including:
- Plan operations: Companies must manage plan distributions, but stock valued as of December 31, 2019, will not reflect the economic disruption caused by COVID-19. We will cover the interrelated issues of ESOP valuation standards, delayed distributions, equity compensation, and partial plan terminations, with a focus on plan amendments, interim valuations, and other steps companies can consider.
- Economic conditions: We will brief companies on the impact of the pandemic on various aspects of the business environment, from the lending environment and how businesses are responding, to the implications of quickly evolving legislation on tax relief, mandatory sick time, and loan programs.
- Management: Tips and best practices for communicating to employees in uncertain times, including how to manage and encourage employees in work from home scenarios.
These webinars are accessible to all at the below link.
NCEO Business Response Survey
The NCEO has a one-item questionnaire that is open to the public where you can add what you are doing and what you want to know.
Click here to fill out the survey.
Click here to see a selection of the feedback we have received. Responses to questions will be added periodically.
Employee Ownership Community Resources
- The Ohio Employee Ownership Center, in collaboration with Workplace Development, offered a webinar on managing employee ownership culture and communications on March 25th at 11am EST.
- Our friends at the Beyster Institute hosted a free webinar on the potential impacts of economic instability on the ESOP community on March 26th. Click here to learn more.
- Our friends at the ESOP Association are rolling out COVID-19 specific webinars and resources.
Government and Official Resources
- Treasury Department overview of the Paycheck Protection Program (PPP)
- Centers for Disease Control and Prevention (CDC)
- U.S. Department of Labor: Occupational Safety and Health Administration (OSHA)
- World Health Organization (WHO)
- Small Business Administration Disaster Assistance Resources for Businesses
- Overview of Small Business Administration Disaster Declarations
- Small Business Administration Disaster Loan Assistance
Legal and Professional Resources
- Dorsey Coronavirus Resource Center
- McDermott Will & Emery FAQ
- Hanson Bridgett Resource Center
- Insights from Redpath
How companies are responding to the crisis
- Redding, CA's Holiday Market is providing temporary employment to local workers displaced by layoffs. Read more here.
- Many businesses like Stewart's Shops are shifting their retail focus to cater to people's needs in the pandemic.
- Pennsylvani'a NewAge has shifted its production priorities to support the pandemic response with great results.
Thanks to both the U.S. Federation of Worker Cooperatives and the National Cooperative Business Association for their help in putting these resources together.