Indiana: Small Business Restart Fund
Gov. Holcomb approved $30 million in federal funding made available through the CARES Act to small business restart grants, helping accelerate the speed of economic recovery activity by providing working capital to cover certain expenses related to the global pandemic. Eligible Indiana small businesses can seek reimbursement for up to 80% of qualified expenses, such…
ESOPs a Great Succession Solution
Are you a business owner? Are you thinking about succession planning? Have you considered an ESOP? Check out Jane in the below video… She found her answer…Have you?
What is an ESOP?
Enjoy this short video from the Pennsylvania Center for Employee Ownership on what is an ESOP! Normally the ESOP Trustee (the only shareholder in a 100% S-Corp ESOP) may require one or more external directors to be appointed to the board.
How COVID-19 May Impact ESOP Valuations
FROM the KSM Blog, reposted with Permission – Rick ESOP employee-owned companies have a unique issue to consider during these challenging times: how does the COVID-19 pandemic impact ESOP valuation? Each company’s situation will be uniquely impacted by factors including the ESOP plan document, the valuation date, and the size of the ESOP stock distributions…
Interactive Map Updated
The Interactive ESOP Map page has been updated based on the most current data available from DOL, including ESOPs initiated in 2018. Congratulations to the 9 ESOPs that have a plan effective date in 2018 these are: THE SKILLMAN CORPORATION BARRY COMPANY, INC. BAUMGARTNER & COMPANY INC. ILLINI HI-REACH, INC. JB CUNNINGHAM, INC. KORELLIS ENTERPRISES,…
Update! INCEO Earned a 2020 Gold Seal of Transparency
The Indiana Center for Employee Ownership just earned a 2020 Gold Seal of Transparency from GuideStar. GuideStar Seals of Transparency indicate that a nonprofit has provided key information to its Nonprofit Profile. This recognition shows commitment to transparency. By providing up-to-date information, nonprofits allow potential donors and funders to make educated decisions on which nonprofits…
Notes from Senator Young (R-IN) May 11
The following is an excerpt from Senator Todd Young’s email of 5-11, concerning the Payroll Protection Program and Indiana Businesses: To date, Indiana has received over 70,000 Paycheck Protection Program loans amounting to nearly $10 billion, specific Indiana recipients of Paycheck Protection Program loans include: Troyer Products, a manufacturing company, located in Elkhart, was able…
Mr. Gillming’s Testimony on ESOPs
A video extract of Mr. Gillming’s testimony to the House Committee on Small Business hearing on the Challenges and Benefits of Employee-Owned Small Businesses, on Feb 12, 2020.
Pennsylvania HB 285
Introduced Jan 2019, Pennsylvania HB 285 seeks to apply provisions of the federal tax code at the state level allowing business owners who sell their stock to an ESOP to defer and potentially eliminate the capital gains resulting from the sale. As of Dec 18, 2019 this bill is in the Pennsylvania Senate Finance Committee.
NewAge Industries
Congratulations to NewAge Industries the 2019 Winner of NCEO’s annual Employee Ownership Film Contest! NewAge Industries is an employee-owned company that is a great place to work and also gives back to the community; this video shows you how.