"The IRS concluded [in Private Letter Ruling 201911002] that a participant's ability to obtain a loan from its employer or a third party to purchase shares under a plan does not prevent the plan from qualifying as an employee stock purchase plan under Section 423(b). The IRS further concluded that the inability of a participant to obtain a loan to purchase shares due to the applicability of the Sarbanes-Oxley Act does not cause some options under the plan to have different 'rights and privileges' in violation of Section 423(b)(5)."  MORE >>