The Senate has now passed the Endless Frontier Act (S. 1260), Senators Bernie Sanders (I-VT) and Jerry Moran (R-KS) proposed an amendment that would have incorporated a version of the WORK Act (the Worker Ownership, Readiness, and Knowledge Act).
On March 8, the U.S. Department of Labor (DOL) proposed new rules for prohibited transaction exemption (PTE) filings, rules that have raised concerns in the ESOP community. These filings are relatively rare, with about 20 per year. While ESOPs are statutorily exempt from having to make these filings, some ESOP professionals are concerned the DOL might subsequently extend the concepts in the proposal to ESOPs.
Around this time in late 2021, I wrote about the urgent need for DEI programs to address the myriad issues of racial and gender equity in the working world.
Because New Belgium Brewing has been one of the best-known employee-owned companies in the United States, its prospective sale to the Japanese brewing conglomerate Kirin has provoked many reactio
The free Coursera course "Our Share: Employee Ownership as a Wealth Sharing Tool," launched by The Rutgers Institute for the Study of Employee Ownership and Profit Sharing, begins on January 30.
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."
