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HR 5236 115th Congress House 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

Main Street Employee Ownership Act of 2018

Introduced: March 8, 2018 Introduced by: Velázquez, Nydia M. Democratic · New York See on congress.gov
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 Everywhere this bill has been 13 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 9, 2018
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
May 8, 2018
Motion to reconsider laid on the table Agreed to without objection.
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
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
DEBATE - The House proceeded with forty minutes of debate on H.R. 5236.
May 8, 2018
Considered under suspension of the rules. (consideration: CR H3810-3812)
May 8, 2018
Mr. Chabot moved to suspend the rules and pass the bill, as amended.
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.
Mar 14, 2018
Ordered to be Reported (Amended) by Voice Vote.
Mar 14, 2018
Committee Consideration and Mark-up Session Held.
Mar 8, 2018
Introduced in House
Mar 8, 2018
Referred to the House Committee on Small Business.
 Plain-English summary Congressional Research Service

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.

What's happening now May 9, 2018

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

 Committees of jurisdiction 2