Subjects: NPT, LEG, EXE, AVO
Omnibus Bill Adds Strong Support for ESOPs
WASHINGTON, March 23, 2018 /PRNewswire-USNewswire/ -- The Omnibus Appropriations Bill passed by the House and Senate this week offers powerful language supporting ESOPs, and clearly directs the Small Business Administration (SBA) to become more active in supporting ESOPs and assisting small companies that are interested in becoming employee owned.
The bill states that "worker owned businesses are uniquely structured to provide wide-ranging economic benefits. In order to encourage new and assist existing employee owned businesses, SBA is directed to provide education and outreach to businesses, employees, and financial institutions about employee-ownership."
The bill instructs the SBA to provide technical assistance to potential employee owned businesses, guidance to approved lenders, and assistance to firms seeking financing through the 7(a)(15) loan guarantee program.
"The Omnibus Bill makes a powerful statement about the need for greater support and encouragement of ESOPs from the federal government," said ESOP Association President J. Michael Keeling. "The bill shows that Congressional support for ESOPs is strong and bipartisan, as this is the third bill in seven days?joining H.R. 5236 and S. 1538?that encourages the Small Business Administration to encourage the growth of ESOPs.
"The ESOP Association offers heartfelt thanks to Senators Kirsten Gillibrand (D-NY) and Mitch McConnell R-KY), and Representatives Nydia Velazquez (D-NY) and Paul Ryan (R-WI) for their work to obtain passage of the Omnibus Appropriations Bills and other legislation supporting ESOPs."
About the ESOP Association
The ESOP Association is America's largest employer-sponsored advocacy and education association focused on employee stock ownership plans. Founded in 1978, the Association seeks to enhance federal laws governing ESOPs, provide members with expert information, and fund research via the Employee Ownership Foundation (an affiliate).
The ESOP Association is a national non-profit organization with 18 local Chapters. Its members include ESOP companies, companies considering an ESOP, and service providers that assist in setting up and maintaining ESOPs.
SOURCE The ESOP Association
These press releases may also interest you
|
News published on and distributed by:
