Bill > HR2993

This bill establishes a new position within the Small Business Administration (SBA) specifically dedicated to helping small businesses create and manage Employee Stock Ownership Plans (ESOPs). The designated staff member, who will be appointed by the SBA Administrator, will have five key responsibilities: providing comprehensive guidance to small businesses about ESOPs, including tax implications and regulatory compliance; coordinating with public and private entities to offer tailored ESOP resources; working with the Department of Labor to ensure regulatory adherence; advocating for clear federal guidance on ESOP regulations; and performing other duties as determined by the Administrator. The bill requires the SBA to submit an annual report to Congress detailing the assistance provided, including the number of small businesses helped and policy recommendations for improving ESOP establishment. An initial appropriation of $500,000 is authorized for the fiscal year of enactment, with additional funding to be determined as necessary. The bill also provides clear definitions for key terms like "small business concern" and "employee stock ownership plan," ensuring precise understanding of its scope and intent.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/2993/all-info