Main Street Employee Ownership Act of 2018

Summary

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 establish: (1) an outreach program with licensed small business investment companies to increase investment in transitions to employee-owned businesses, and (2) 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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 8 March 2018

   Introduced

   Referred to the House Committee on Small Business.

   Source: IntroReferral

2. 8 March 2018

   Introduced

   Introduced in House

   Source: IntroReferral

3. 8 March 2018

   Introduced

   Introduced in House

   Source: IntroReferral

4. 14 March 2018

   Reported

   Ordered to be Reported (Amended) by Voice Vote.

   Source: Committee

5. 14 March 2018

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

6. 24 April 2018

   Calendars

   Placed on the Union Calendar, Calendar No. 494.

   Source: Calendars

7. 24 April 2018

   Reported

   Reported (Amended) by the Committee on Small Business. H. Rept. 115-645.

   Source: Committee

8. 24 April 2018

   Reported

   Reported (Amended) by the Committee on Small Business. H. Rept. 115-645.

   Source: Committee

9. 8 May 2018

   Passed

   Motion to reconsider laid on the table Agreed to without objection.

   Source: Floor

10. 8 May 2018

    Passed

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

    Source: Floor

11. 8 May 2018

    Passed

    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)

    Source: Floor

12. 8 May 2018

    Floor

    DEBATE - The House proceeded with forty minutes of debate on H.R. 5236.

    Source: Floor

13. 8 May 2018

    Floor

    Considered under suspension of the rules. (consideration: CR H3810-3812)

    Source: Floor

14. 8 May 2018

    Floor

    Mr. Chabot moved to suspend the rules and pass the bill, as amended.

    Source: Floor

15. 9 May 2018

    Introduced

    Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Referred in Senate · 9 May 2018 · Download file
• Engrossed in House · 8 May 2018 · Download file
• Reported in House · 24 April 2018 · Download file
• Introduced in House · 8 March 2018 · Download file

Documents

10 official files

• Referred in Senate (text)

  Referred in Senate · EN · 9 May 2018

  ViewDownloadOpen at official source

• Referred in Senate (PDF)

  Referred in Senate · EN · 9 May 2018

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• Engrossed in House (text)

  Engrossed in House · EN · 8 May 2018

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• Engrossed in House (PDF)

  Engrossed in House · EN · 8 May 2018

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• Reported in House (text)

  Reported in House · EN · 24 April 2018

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• Reported in House (PDF)

  Reported in House · EN · 24 April 2018

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• Reported to House with amendment(s)

  summary · EN · 24 April 2018

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  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in House (text)

  Introduced in House · EN · 8 March 2018

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  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in House (PDF)

  Introduced in House · EN · 8 March 2018

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  Vertaal document

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• Introduced in House

  summary · EN · 8 March 2018

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  Vertaal document

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Sponsors

• Rep. Velázquez, Nydia M. [D-NY-7] · D · Sponsor
• · sssb00 · Standing
• · hssm00 · Standing

Related records

• related to → Fairness to Veterans for Infrastructure Investment Act of 2017
• related to ← John S. McCain National Defense Authorization Act for Fiscal Year 2019
• related to ← Main Street Employee Ownership Act of 2018