The CARES Act includes the Paycheck Protection Program (PPP) for small businesses to receive loans through banks administered by the Small Business Administration (SBA) of up to $10 million. The Act has been passed with lightning speed which is leading to frustration for ESOP companies applying for the loans because of so many unanswered questions with this new law and process. Guidance is being issued daily by all parties including the SBA, banks and the ESOP associations. Our panel of experts will discuss the current understanding of PPP as it relates to ESOP companies.
Speaking topics
- "Eligible small businesses" is broader than just companies with 500 or fewer employees
- ESOP-owned companies are eligible
- What is the payroll cost for determining the eligible loan amount? What amount of the ESOP contribution is included?
- What amount of the ESOP contribution is included for loan forgiveness?
- A review of the loan application process
- What other relief programs are affected if the company receives a PPP loan?
Speakers
- Sandy Shoemaker, partner, Plante Moran
- Bob Grossman, shareholder, Polsinelli
