U.S. Rep. Ron Kind (D-WI) and Rep. Jason Smith (R-MO) have introduced the Savings for All Vocations Enhancement (SAVE) Act, a bill that would encourage more S corporation ESOPs by allowing sellers to get the same tax deferral available to owners of C corporations who sell to an ESOP.
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."
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.
One provision in the recently enacted SECURE Act provides that required minimum distributions for former plan participants who still have accounts now do not have to start until those participants reach age 72.
The "Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019" passed the Senate in April and is expected to pass in the House. It makes many changes to retirement law, but only one is likely to affect ESOPs.
On April 16, the NCEO’s preconference sessions will give you a chance to dig in and make headway on one single employee ownership issue. You can go into more depth than in a conference sessions without devoting a whole workday.
