NCEO
Every year, my colleagues and I at Chartwell look forward to the NCEO's events, and this year's Fall ESOP Forum is no different. We couldn't be more excited to finally reconnect with all of our ESOP friends at this year's Forum.
NCEO
We invite you to join us on April 20 and 21, 2021, for the NCEO's virtual Annual Employee Ownership Conference. Register before November 30 to be entered into a raffle for a #bettertogether box filled with fun items from an employee-owned company. Register now!
NCEO
The NCEO's 2020 ESOP Executive Compensation Survey is now collecting responses through October 30. Conducted since 2005, this survey is one of very few data sources for ESOP-specific executive compensation data. The survey is open to all privately held companies with an ESOP in place.
NCEO
The Paycheck Protection Program (PPP), part of the CARES Act stimulus package appears to be starting this morning, with some banks accepting applications. Some ESOP experts feared that the PPP may have been drafted in a way that would effectively have delayed ESOP companies’ participation, but some ESOP companies are reporting success. On April 13, we began reporting results from our survey of ESOP companies, which show, for example, that among companies that had filed a loan application, just under half (43%) had received confirmation that their loan was approved by the SBA. Approval typically took just over three days.
NCEO
Title 1 of the CARES Act directs the U.S. Small Business Administration to make certain loans to qualifying small businesses to cover payroll, costs related to continuing group health care benefits, salaries or commissions, payment of interest on any mortgage obligation, rent, utilities, and debt obligations incurred before the covered period. Generally, the law applies to companies with 500 or fewer employees, with some exceptions, most notably for multi-location restaurants and hospitality companies and for larger companies that meet the SBA size standards anyway. ESOP companies can apply for this assistance, and some of the normal barriers that they might face have been removed.
NCEO
The NCEO exists to make employee ownership thrive, and our work—as measured by revenue—has more than doubled in the last decade. That growth means it is time for us to hire a controller. We've posted a job description that we're hoping to fill by early March.
