US HB5236 | 2017-2018 | 115th Congress

Status

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]

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: (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.

Tracking Information

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Title

Main Street Employee Ownership Act of 2018

Sponsors


History

DateChamberAction
2018-05-09SenateReceived in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
2018-05-08HouseMotion to reconsider laid on the table Agreed to without objection.
2018-05-08HouseOn motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text CR H3810-3811)
2018-05-08HouseDEBATE - The House proceeded with forty minutes of debate on H.R. 5236.
2018-05-08HouseConsidered under suspension of the rules. (consideration: CR H3810-3812)
2018-05-08HouseMr. Chabot moved to suspend the rules and pass the bill, as amended.
2018-04-24HousePlaced on the Union Calendar, Calendar No. 494.
2018-04-24HouseReported (Amended) by the Committee on Small Business. H. Rept. 115-645.
2018-03-14HouseOrdered to be Reported (Amended) by Voice Vote.
2018-03-14HouseCommittee Consideration and Mark-up Session Held.
2018-03-08HouseReferred to the House Committee on Small Business.
2018-03-08HouseIntroduced in House

Same As/Similar To

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

Subjects


US Congress State Sources


Bill Comments

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