3.0.0 2786 2023-01-11T13:39:38Z 2023-01-11T13:39:38Z Senate S 2018-04-26 115 sssb00 Small Business and Entrepreneurship Committee Senate Standing Referred to 2018-04-26T20:39:10Z Main Street Employee Ownership Act of 2018 115 5236 HR 2018-05-09 Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship. Related bill CRS 2018-04-26 sssb00 Small Business and Entrepreneurship Committee Senate Read twice and referred to the Committee on Small Business and Entrepreneurship. IntroReferral 2018-04-26 Introduced in Senate IntroReferral 10000 9 Library of Congress G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. N Y000064 Sen. Young, Todd [R-IN] Todd Young R IN C. 2018-04-26 True R000584 Sen. Risch, James E. [R-ID] James Risch R ID E. 2018-04-26 True S001181 Sen. Shaheen, Jeanne [D-NH] Jeanne Shaheen D NH 2018-04-26 True B001288 Sen. Booker, Cory A. [D-NJ] Cory Booker D NJ 2018-04-26 True C001035 Sen. Collins, Susan M. [R-ME] Susan Collins R ME M. 2018-04-26 True C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD 2018-04-26 True Commerce Business education Business investment and capital Congressional oversight Employee benefits and pensions Government lending and loan guarantees Government studies and investigations Minority and disadvantaged businesses Securities Small business Commerce 00 2018-04-26 Introduced in Senate 2019-08-14T20:31:30Z 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.

]]> Main Street Employee Ownership Act of 2018 Display Title Main Street Employee Ownership Act of 2018 Official Title as Introduced A bill to expand opportunities to available employee-owned business concerns through Small Business Administration loan programs, and for other purposes. Introduced in Senate IS Short Titles as Introduced Main Street Employee Ownership Act of 2018 Introduced in Senate 2018-04-26T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s2786is/xml/BILLS-115s2786is.xml 2018-04-26 Read twice and referred to the Committee on Small Business and Entrepreneurship. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.