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David Joffe practices primarily in the areas of employee benefits and executive law. He is the Chairperson of the Employee Benefits and Executive Compensation Group.

Following up on our first blog post about employee stock ownership plans (ESOPs) for construction companies, this post addresses surety bond requirements as well as the way in which ESOPs can incentivize employees and increase cash flow. 

Satisfying Surety Bond Requirements

Construction companies are typically required to obtain surety bonds to guarantee a project owner

On November 8, 2022, the Department of Defense (DOD) issued a memorandum that provides details on a pilot program that allows government contractors owned 100% by an S-corporation employee stock ownership plan (ESOP) to receive a noncompetitive award for certain follow-on contracts. According to the memorandum, the program is limited to only nine “entities,” and