summary
Introduced
04/26/2018
04/26/2018
In Committee
04/26/2018
04/26/2018
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Main Street Employee Ownership Act of 2018
AI Summary
This bill aims to expand opportunities for employee-owned business concerns through Small Business Administration loan programs. It defines key terms like "cooperative" and "qualified employee trust," and allows the SBA to guarantee loans made to cooperatives and qualified employee trusts for the purpose of purchasing a small business concern. The bill also requires the SBA to provide outreach and educational materials to support the transition of small businesses to employee ownership, and establishes an interagency working group to develop recommendations on promoting employee-owned businesses. Additionally, the bill amends the reporting requirements for the SBA to include data on loans made to employee-owned business concerns.
Committee Categories
Business and Industry
Sponsors (7)
Kirsten Gillibrand (D)*,
Cory Booker (D),
Ben Cardin (D),
Susan Collins (R),
Jim Risch (R),
Jeanne Shaheen (D),
Todd Young (R),
Last Action
Read twice and referred to the Committee on Small Business and Entrepreneurship. (on 04/26/2018)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/115th-congress/senate-bill/2786/all-info |
| BillText | https://www.congress.gov/115/bills/s2786/BILLS-115s2786is.pdf |
| Bill | https://www.congress.gov/115/bills/s2786/BILLS-115s2786is.pdf.pdf |
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