H.R. 5236 · 115th Congress
Main Street Employee Ownership Act of 2018
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Passed the House without a recorded vote, then expired. It passed by voice vote or unanimous consent, which don't record how each member voted, but didn't become law before the 115th Congress ended.
D
VelázquezSponsorNo cosponsors.
- House Introduced Mar 8, 2018
- House Passed May 8, 2018
This bill amends the Small Business Act to expand the authority of the Small Business Administration (SBA) to guarantee loans for qualified employee trusts of a small business to purchase the stock of that business. Specifically, the bill allows the guaranteed loan to also cover transactions costs associated with purchasing the stock.
What it does: CRS summary · Reported to House with amendment(s) · Apr 24, 2018
Main Street Employee Ownership Act of 2018
This bill amends the Small Business Act to expand the authority of the Small Business Administration (SBA) to guarantee loans for qualified employee trusts of a small business to purchase the stock of that business. Specifically, the bill allows the guaranteed loan to also cover transactions costs associated with purchasing the stock. In addition, it allows loans to a small business to be guaranteed if the loan proceeds will: (1) be used to provide loans to a qualified employee trust of the small business to purchase the business's stock; and (2) result in the trust owning at least 51% of the business's stock. The SBA must guarantee loans to cooperatives in which employees are eligible for membership for such stock purchases.
The SBA shall: (1) provide outreach and educational materials to licensed small business investment companies to increase investment in transitions to employee-owned businesses, and (2) establish a Small Business Employee Ownership and Cooperative Promotion Program to offer technical assistance and training on the transition to employee ownership through cooperatives and qualified employee trusts.
The Administrator of the SBA shall coordinate an interagency working group on employee-owned businesses.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Main Street Employee Ownership Act of 2018
Latest action (May 9, 2018): Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Policy area: Commerce · Origin: House · Introduced: Mar 8, 2018
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
- House Introduced Mar 8, 2018
- House Passed May 8, 2018
No recorded floor vote found.