Legis Daily

A bill to expand opportunities to available employee-owned business concerns through Small Business Administration loan programs, and for other purposes.

USA115th CongressS-2786| Senate 
| Updated: 4/26/2018
Kirsten E. Gillibrand

Kirsten E. Gillibrand

Democratic Senator

New York

Cosponsors (6)
Jeanne Shaheen (Democratic)James E. Risch (Republican)Todd Young (Republican)Cory A. Booker (Democratic)Benjamin L. Cardin (Democratic)Susan M. Collins (Republican)

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.
View Full Text

Suggested Questions

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

Timeline
Apr 26, 2018
Introduced in Senate
Apr 26, 2018
Read twice and referred to the Committee on Small Business and Entrepreneurship.
  • April 26, 2018
    Introduced in Senate


  • April 26, 2018
    Read twice and referred to the Committee on Small Business and Entrepreneurship.

Commerce

Related Bills

  • HR 115-5236: Main Street Employee Ownership Act of 2018
Business educationBusiness investment and capitalCongressional oversightEmployee benefits and pensionsGovernment lending and loan guaranteesGovernment studies and investigationsMinority and disadvantaged businessesSecuritiesSmall business

A bill to expand opportunities to available employee-owned business concerns through Small Business Administration loan programs, and for other purposes.

USA115th CongressS-2786| Senate 
| Updated: 4/26/2018
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.
View Full Text

Suggested Questions

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

Timeline
Apr 26, 2018
Introduced in Senate
Apr 26, 2018
Read twice and referred to the Committee on Small Business and Entrepreneurship.
  • April 26, 2018
    Introduced in Senate


  • April 26, 2018
    Read twice and referred to the Committee on Small Business and Entrepreneurship.
Kirsten E. Gillibrand

Kirsten E. Gillibrand

Democratic Senator

New York

Cosponsors (6)
Jeanne Shaheen (Democratic)James E. Risch (Republican)Todd Young (Republican)Cory A. Booker (Democratic)Benjamin L. Cardin (Democratic)Susan M. Collins (Republican)

Small Business and Entrepreneurship Committee

Commerce

Related Bills

  • HR 115-5236: Main Street Employee Ownership Act of 2018
  • 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