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Financial advisors have a dynamic and demanding set of responsibilities, made only more difficult during times of uncertainty. When their client is a business owner, these challenges are amplified even further – the result of communication complexities and portfolio concentration.
Congress and the Federal Reserve have already pumped trillions of dollars into the economy to limit the Coronavirus’s economic damage. Additional stimulus is likely. However, once the immediate crisis has passed, elected officials will have to face the music.
The Coronavirus epidemic has brought an abrupt and unexpected change to the operating environment. Even if your company wasn’t impacted financially, the human toll on your staff, customers, and partners has likely been a management challenge in and of itself.
Since passage of the CARES Act, our team has been reviewing the Paycheck Protection Program’s (PPP) implications for companies with employee stock ownership plans (ESOPs). The PPP should provide significant support to middle market businesses in the form of low interest loans (1%) that are potentially forgivable.