Bill > SB478

This bill establishes the Employee Ownership Assistance Program in Pennsylvania, creating a comprehensive framework to support and promote employee-owned enterprises. The bill creates an Office of Employee Ownership within the Department of Community and Economic Development, led by a gubernatorial appointee called the employee ownership advocate. The office will provide outreach, education, and technical assistance to businesses interested in converting to employee ownership, including maintaining statistics, identifying barriers, and submitting annual reports to legislative committees. The bill establishes two key financial assistance programs: a technical and financial assistance program that can provide loans and grants to employee-ownership groups, and a Main Street Employee Ownership Grant Program specifically targeting small retail businesses with fewer than 200 employees. Additionally, the bill creates an Employee Ownership Advisory Board composed of diverse stakeholders, including business representatives, labor unions, academics, and legislators, to research and promote employee ownership. The financial assistance programs are designed to help businesses convert to employee ownership, with loan limits up to $1.5 million and grant amounts up to $35,000, focusing on job retention and creation. The bill aims to encourage employee ownership by providing resources, reducing barriers, and raising awareness about the potential economic and community benefits of businesses owned and operated by their employees.

Budget and Finance, Business and Industry

https://www.legis.state.pa.us/cfdocs/billinfo/bill_history.cfm?syear=2025&sind=0&body=S&type=B&bn=478