On May 29’s Inside EMS podcast, AAA Communications Chair Rob Lawrence spoke with hosts Chris Cebollero and Kelly Grayson about national EMS issues including reimbursement, ET3, and more. Don’t miss it!►
Webinars, Employee Stock Ownership Plan (ESOP), Menke & Associates
By AAA Staff on May 29, 2020 03:48 pm
How to Use an ESOP in These Turbulent Times June 16 | 14:00 ET | Free Webinar The COVID-19 pandemic will likely have a financial impact on ambulance services for 2020, 2021, and perhaps for several years beyond. During this era, many private for-profit mobile healthcare providers will be looking for ways to minimize corporate taxes and maximize cash preservation, while also maintaining competitive employee benefits. Other companies will be looking for ways to create liquidity for shareholders who wish to retire or reduce their ownership stake. This session will cover the basics of Employee Stock Ownership Plans, but more importantly how new ESOPs can be structured and used to increase private ambulance service cash flow and motivate employees in times of uncertainty and stressed balance sheets. ABOUT PHILIP E. DeDOMINICIS Phillip DeDominicis, MBA has served as the East Coast Partner of Menke & Associates for the last 16 years. Previously, he served as director of mergers and acquisitions for Salomon Smith Barney. He is a seasoned public speaker and serves on numerous boards. ABOUT MENKE & ASSOCIATES Menke & Associates, Inc. was founded in 1974 by John Menke who co-authored the landmark ESOP legislation which subsequently spawned the industry. (more...)
Advocacy Priorities, Government Affairs, Legislative, coronavirus, COVID-19, Paycheck Protection Program
By AAA Staff on May 29, 2020 02:21 pm
On May 28, the U.S. House of Representatives passed by a vote of 417 to 1 the Paycheck Protection Program Flexibility Act of 2020. The Paycheck Protection Program Flexibility Act of 2020 provides small businesses with more flexibility in how the Paycheck Protection Program (PPP) funds established under the CARES Act are spent and still qualify for loan forgiveness. The PPP provides businesses with fewer than 500 employees, including ambulance service organizations, with access to loans at favorable terms to cover employee payroll for an original timeframe of eight weeks. Under the CARES Act, a borrower can have all or a portion of the loan forgiven depending on the percentage of retained employees. The Paycheck Protection Program Flexibility Act extends the timeframe in which to spend PPP funds from the current 8 weeks to 24 weeks and extends the original deadline from June 30, 2020 to December 31, 2020 for businesses to rehire furloughed employees to qualify for loan forgiveness. The legislation also lowers the minimum percentage of loans that must be allocated towards payroll from 75% to 60% and clarifies a borrower does not have to start repaying a loan until the SBA determines whether or not the business (more...)
