Legis Daily

Main Street Employee Ownership Act of 2018

USA115th CongressHR-5236| House 
| Updated: 5/9/2018
Nydia M. Velázquez

Nydia M. Velázquez

Democratic Representative

New York

Small Business Committee, Small Business and Entrepreneurship Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.

Bill Text Versions

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4 versions available

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Timeline
Mar 8, 2018
Introduced in House
Mar 8, 2018
Referred to the House Committee on Small Business.
Mar 14, 2018
Committee Consideration and Mark-up Session Held.
Mar 14, 2018
Ordered to be Reported (Amended) by Voice Vote.
Apr 24, 2018
Placed on the Union Calendar, Calendar No. 494.
Apr 24, 2018
Reported (Amended) by the Committee on Small Business. H. Rept. 115-645.
May 8, 2018
Mr. Chabot moved to suspend the rules and pass the bill, as amended.
May 8, 2018
Considered under suspension of the rules. (consideration: CR H3810-3812)
May 8, 2018
DEBATE - The House proceeded with forty minutes of debate on H.R. 5236.
May 8, 2018
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text CR H3810-3811)
May 8, 2018
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text CR H3810-3811)
May 8, 2018
Motion to reconsider laid on the table Agreed to without objection.
May 9, 2018
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
  • March 8, 2018
    Introduced in House


  • March 8, 2018
    Referred to the House Committee on Small Business.


  • March 14, 2018
    Committee Consideration and Mark-up Session Held.


  • March 14, 2018
    Ordered to be Reported (Amended) by Voice Vote.


  • April 24, 2018
    Placed on the Union Calendar, Calendar No. 494.


  • April 24, 2018
    Reported (Amended) by the Committee on Small Business. H. Rept. 115-645.


  • May 8, 2018
    Mr. Chabot moved to suspend the rules and pass the bill, as amended.


  • May 8, 2018
    Considered under suspension of the rules. (consideration: CR H3810-3812)


  • May 8, 2018
    DEBATE - The House proceeded with forty minutes of debate on H.R. 5236.


  • May 8, 2018
    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text CR H3810-3811)


  • May 8, 2018
    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text CR H3810-3811)


  • May 8, 2018
    Motion to reconsider laid on the table Agreed to without objection.


  • May 9, 2018
    Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.

Commerce

Related Bills

  • HR 115-5515: John S. McCain National Defense Authorization Act for Fiscal Year 2019
  • S 115-2786: A bill to expand opportunities to available employee-owned business concerns through Small Business Administration loan programs, and for other purposes.
  • HR 115-4319: To amend the FAST Act to improve contracting opportunities for veteran-owned small business concerns, and for other purposes.
Business educationBusiness investment and capitalCongressional oversightEmployee benefits and pensionsGovernment lending and loan guaranteesGovernment studies and investigationsMinority and disadvantaged businessesSecuritiesSmall business

Main Street Employee Ownership Act of 2018

USA115th CongressHR-5236| House 
| Updated: 5/9/2018
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.

Bill Text Versions

View Text
4 versions available

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Mar 8, 2018
Introduced in House
Mar 8, 2018
Referred to the House Committee on Small Business.
Mar 14, 2018
Committee Consideration and Mark-up Session Held.
Mar 14, 2018
Ordered to be Reported (Amended) by Voice Vote.
Apr 24, 2018
Placed on the Union Calendar, Calendar No. 494.
Apr 24, 2018
Reported (Amended) by the Committee on Small Business. H. Rept. 115-645.
May 8, 2018
Mr. Chabot moved to suspend the rules and pass the bill, as amended.
May 8, 2018
Considered under suspension of the rules. (consideration: CR H3810-3812)
May 8, 2018
DEBATE - The House proceeded with forty minutes of debate on H.R. 5236.
May 8, 2018
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text CR H3810-3811)
May 8, 2018
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text CR H3810-3811)
May 8, 2018
Motion to reconsider laid on the table Agreed to without objection.
May 9, 2018
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
  • March 8, 2018
    Introduced in House


  • March 8, 2018
    Referred to the House Committee on Small Business.


  • March 14, 2018
    Committee Consideration and Mark-up Session Held.


  • March 14, 2018
    Ordered to be Reported (Amended) by Voice Vote.


  • April 24, 2018
    Placed on the Union Calendar, Calendar No. 494.


  • April 24, 2018
    Reported (Amended) by the Committee on Small Business. H. Rept. 115-645.


  • May 8, 2018
    Mr. Chabot moved to suspend the rules and pass the bill, as amended.


  • May 8, 2018
    Considered under suspension of the rules. (consideration: CR H3810-3812)


  • May 8, 2018
    DEBATE - The House proceeded with forty minutes of debate on H.R. 5236.


  • May 8, 2018
    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text CR H3810-3811)


  • May 8, 2018
    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text CR H3810-3811)


  • May 8, 2018
    Motion to reconsider laid on the table Agreed to without objection.


  • May 9, 2018
    Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Nydia M. Velázquez

Nydia M. Velázquez

Democratic Representative

New York

Small Business Committee, Small Business and Entrepreneurship Committee

Commerce

Related Bills

  • HR 115-5515: John S. McCain National Defense Authorization Act for Fiscal Year 2019
  • S 115-2786: A bill to expand opportunities to available employee-owned business concerns through Small Business Administration loan programs, and for other purposes.
  • HR 115-4319: To amend the FAST Act to improve contracting opportunities for veteran-owned small business concerns, and for other purposes.
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Business educationBusiness investment and capitalCongressional oversightEmployee benefits and pensionsGovernment lending and loan guaranteesGovernment studies and investigationsMinority and disadvantaged businessesSecuritiesSmall business