US Congress House Bill 5236 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Engrossed on May 9 2018 - 50% progression, died in committee
Action: 2018-05-09 - Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Pending: Senate Small Business And Entrepreneurship Committee
Text: Latest bill text (Engrossed) [PDF]

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.

Main Street Employee Ownership Act of 2018

Rep. Nydia Velazquez [D-NY]

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

HB5515 (Related) 2018-08-13 - Became Public Law No: 115-232.
HB4319 (Related) 2017-11-13 - Referred to the Subcommittee on Highways and Transit.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/house-bill/5236/all-info
Text	https://www.congress.gov/115/bills/hr5236/BILLS-115hr5236ih.pdf
Text	https://www.congress.gov/115/bills/hr5236/BILLS-115hr5236rh.pdf
Text	https://www.congress.gov/115/bills/hr5236/BILLS-115hr5236eh.pdf