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15 U.S.C. · Commerce and Trade
15 U.S.C. § 9043

Limitation on certain employee compensation

Ch. 116 — CORONAVIRUS ECONOMIC STABILIZATION (CARES ACT)
Title 15 U.S.C. ● ACTIVE Primary Source Ch. 116
Statutory Text

15 U.S.C. § 9043 — Limitation on certain employee compensation

U.S.C. Title 15 - COMMERCE AND TRADE 15 U.S.C. United States Code, 2023 Edition Title 15 - COMMERCE AND TRADE CHAPTER 116 - CORONAVIRUS ECONOMIC STABILIZATION (CARES ACT) SUBCHAPTER III - ECONOMIC STABILIZATION AND ASSISTANCE TO SEVERELY DISTRESSED SECTORS OF THE UNITED STATES ECONOMY Part A - Coronavirus Economic Stabilization Sec. 9043 - Limitation on certain employee compensation From the U.S. Government Publishing Office, www.gpo.gov

§9043. Limitation on certain employee compensation

(a) In general The Secretary may only enter into an agreement with an eligible business to make a loan or loan guarantee under paragraph (1), (2) or (3) of section 9042(b) of this title if such agreement provides that, during the period beginning on the date on which the agreement is executed and ending on the date that is 1 year after the date on which the loan or loan guarantee is no longer outstanding— (1) no officer or employee of the eligible business whose total compensation exceeded $425,000 in calendar year 2019 (other than an employee whose compensation is determined through an existing collective bargaining agreement entered into prior to March 1, 2020)— (A) will receive from the eligible business total compensation which exceeds, during any 12 consecutive months of such period, the total compensation received by the officer or employee from the eligible business in calendar year 2019; or (B) will receive from the eligible business severance pay or other benefits upon termination of employment with the eligible business which exceeds twice the maximum total compensation received by the officer or employee from the eligible business in calendar year 2019; and

(2) no officer or employee of the eligible business whose total compensation exceeded $3,000,000 in calendar year 2019 may receive during any 12 consecutive months of such period total compensation in excess of the sum of— (A) $3,000,000; and (B) 50 percent of the excess over $3,000,000 of the total compensation received by the officer or employee from the eligible business in calendar year 2019. (b) Total compensation defined In this section, the term "total compensation" includes salary, bonuses, awards of stock, and other financial benefits provided by an eligible business to an officer or employee of the eligible business.

(Pub. L. 116–136, div. A, title IV, §4004, Mar. 27, 2020, 134 Stat. 476.)

Source: uscode.house.gov — public domain Official Source ↗
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BS-USC15-SEC-DA3449
Entity Class
STATUTE / FEDERAL-CODE-SECTION
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boisestandard.org
Citation
15 U.S.C. § 9043
Jurisdiction
Federal — United States
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PRIMARY-SOURCE
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322c14ebedfc224b...
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The statutory text of 15 U.S.C. § 9043 is reproduced from the official United States Code as published by the Office of the Law Revision Counsel of the U.S. House of Representatives (uscode.house.gov).
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← 15 U.S.C. § 9042 15 U.S.C. § 9044 →
Ch. 116 — CORONAVIRUS ECONOMIC STABILIZATION (CARES ACT)
15 U.S.C. § 900115 U.S.C. § 900215 U.S.C. § 900315 U.S.C. § 900415 U.S.C. § 900515 U.S.C. § 900615 U.S.C. § 900715 U.S.C. § 900815 U.S.C. § 900915 U.S.C. § 9009a15 U.S.C. § 9009b15 U.S.C. § 9009c15 U.S.C. § 901015 U.S.C. § 901115 U.S.C. § 901215 U.S.C. § 901315 U.S.C. § 902115 U.S.C. § 902215 U.S.C. § 902315 U.S.C. § 902415 U.S.C. § 902515 U.S.C. § 902615 U.S.C. § 902715 U.S.C. § 902815 U.S.C. § 902915 U.S.C. § 903015 U.S.C. § 903115 U.S.C. § 903215 U.S.C. § 903315 U.S.C. § 9034
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