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: (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.

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Timeline

1. 26 April 2018

   Introduced

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

   Source: IntroReferral

2. 26 April 2018

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 26 April 2018 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 26 April 2018

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 26 April 2018

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 26 April 2018

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

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

Sponsors

• Sen. Gillibrand, Kirsten E. [D-NY] · D · Sponsor
• Sen. Young, Todd [R-IN] · R · Sponsor
• Sen. Risch, James E. [R-ID] · R · Sponsor
• Sen. Shaheen, Jeanne [D-NH] · D · Sponsor
• Sen. Booker, Cory A. [D-NJ] · D · Sponsor
• Sen. Collins, Susan M. [R-ME] · R · Sponsor
• Sen. Cardin, Benjamin L. [D-MD] · D · Sponsor
• · sssb00 · Standing

Related records

• related to → Main Street Employee Ownership Act of 2018