ESOPs

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[av_toggle title=’Q: What is the temporary Federal ESOP Grant Act, S. 4236?’ tags=” av_uid=’av-1z9cvv4′]
A: A grant from the Treasury Department directly to a company that either (a) forms a new ESOP or (b) increases the percentage of company ownership of an existing ESOP. (Section 2(b)(1) of the Act). Introduced on July 21, 2020, and sponsored by Sen. Ron Johnson (R-WI) and Sen. Tammy Baldwin (D-WI).
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[av_toggle title=’Q: How much money will the grant provide?’ tags=” av_uid=’av-1kc9r1s’]
A: The grant can be up to $20,000 per ESOP participant plus up to $50,000 for documented costs related to the grant process and the ESOP. (Section 2(c) of the Act).
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[av_toggle title=’Q: Outside the monetary value of the grant, what are the other proposed provisions to the ESOP Grant Act S. 4236?’ tags=”]
A: A documented valuation of the sponsor company by an independent valuation expert using approaches determined by Treasury or by the trustee of the ESOP. (Section 2(b)(2) of the Act).

Certification that the grant will be applied to the purchase of sponsor company stock with cost reductions to the company resulting from the grant applied to the purchase of equipment, computers, land, buildings, facilities, health and safety equipment, and similar investments. (Section 2(b)(3) of the Act).
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[av_toggle title=’Q: How will the Federal ESOP Grant Act, S. 4236 be funded?’ tags=” av_uid=’av-o69ng0′]
A: Funding for the grants may be taken from unused CARES Act appropriations. No grants will be awarded by Treasury after September 30, 2022.  (Sections 2(d) and (e) of the Act).
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