Bill Sponsor
House Bill 5236
115th Congress(2017-2018)
Main Street Employee Ownership Act of 2018
Active
Active
Passed House on May 8, 2018
Overview
Text
Introduced
Mar 8, 2018
Latest Action
May 9, 2018
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
5236
Congress
115
Policy Area
Commerce
Commerce
Primary focus of measure is business investment, development, regulation; small business; consumer affairs; competition and restrictive trade practices; manufacturing, distribution, retail; marketing; intellectual property. Measures concerning international competitiveness and restrictions on imports and exports may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Democrat
New York
House Votes (1)
Senate Votes (0)
checkPassed on May 8, 2018
Status
Passed
Type
Voice Vote
Voice Vote
A vote in which the presiding officer states the question, then asks those in favor and against to say "Yea" or "Nay," respectively, and announces the result according to his or her judgment. The names or numbers of senators voting on each side are not recorded.
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)
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 establish: (1) an outreach program with licensed small business investment companies to increase investment in transitions to employee-owned businesses, and (2) 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.

Text (4)
April 24, 2018
March 8, 2018
Actions (13)
05/09/2018
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
05/08/2018
Motion to reconsider laid on the table Agreed to without objection.
05/08/2018
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text CR H3810-3811)
05/08/2018
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)
05/08/2018
DEBATE - The House proceeded with forty minutes of debate on H.R. 5236.
05/08/2018
Considered under suspension of the rules. (consideration: CR H3810-3812)
05/08/2018
Mr. Chabot moved to suspend the rules and pass the bill, as amended.
04/24/2018
Placed on the Union Calendar, Calendar No. 494.
04/24/2018
Reported (Amended) by the Committee on Small Business. H. Rept. 115-645.
03/14/2018
Ordered to be Reported (Amended) by Voice Vote.
03/14/2018
Committee Consideration and Mark-up Session Held.
03/08/2018
Referred to the House Committee on Small Business.
03/08/2018
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:39:37 PM