Main Street Employee Ownership Act of 2018
Latest action · May 9, 2018 Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 8, 2018
- Passed HouseMay 8, 2018
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors
Members who signed on, in the order they did.
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Small Business Committee | Referred Mar 8, 2018Markup Mar 14, 2018Reported Apr 24, 2018 |
| Senate | Small Business and Entrepreneurship Committee | Referred May 9, 2018 |
Actions 12
Everything that happened, newest first.
- May 9, 2018Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
- May 8, 2018Mr. Chabot moved to suspend the rules and pass the bill, as amended.
- May 8, 2018Considered under suspension of the rules. (consideration: CR H3810-3812)
- May 8, 2018DEBATE - The House proceeded with forty minutes of debate on H.R. 5236.
- May 8, 2018Passed/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)
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H3810–H3812Text printed H3810 | Jared Polis D-CO, Nydia M. Velázquez D-NY, Steve Chabot R-OH | May 8, 2018 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimate
- Jun 27, 2018H.R. 5236, Main Street Employee Ownership Act of 2018As passed by the House of Representatives on May 8, 2018
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 164, no. 41, March 8, 2018, page H1502.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| 115-78 | EXPLORING THE STATE OF WESTERN KENTUCKY'S SMALL BUSINESSES43 pages | Small Business Committee | Jun 18, 2018 |
CRS reports 2
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 2
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R47909 | Small Business Administration (SBA) Business Loan Program Rule Changes in the 118th Congress: Background and Summary | Report | Jan 29, 2024 |
| R41146 | Small Business Administration 7(a) Loan Guaranty Program | Report | Jun 30, 2022 |
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 2786 | Main Street Employee Ownership Act of 2018 | Related bill | Apr 26, 2018 |
| HR 4319 | Fairness to Veterans for Infrastructure Investment Act of 2017 | Related bill | Nov 13, 2017 |
| HR 5515 | John S. McCain National Defense Authorization Act for Fiscal Year 2019 | Related bill | Aug 13, 2018 |
Titles 4
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To expand opportunities available to employee-owned business concerns through Small Business Administration loan programs, and for other purposes.
- Short Titles as Introduced
- Main Street Employee Ownership Act of 2018
- Short Titles as Reported to House
- Main Street Employee Ownership Act of 2018
- Short Titles as Passed House
- Main Street Employee Ownership Act of 2018
Subjects
Assigned by the Library of Congress. Policy area: Commerce.
Text 4
Each version as it was printed, newest first.
- May 9, 2018Referred in Senate
- May 8, 2018Engrossed in House
- Apr 24, 2018Reported in House
- Mar 8, 2018Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
