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.
Thirty-nine years ago, we held our first annual conference. We had 175 attendees, including my uncle Bernie. Last year we sold out at over 1,900; this year, we were on track to sell out even sooner at over 2,000.
A new process agreement between the Department of Labor and Farmers National Bank (FNB) was made public on February 28. It lays out a much more detailed process for evaluating whether an ESOP actually has and can pay for control.