H.R. 5236: Main Street Employee Ownership Act of 2018
CBO Report Details
Legislation Details
115th Congress
To expand opportunities available to employee-owned business concerns through Small Business Administration loan programs, and for other purposes.
Sponsor: Rep. Nydia Velázquez — D — NY
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 l...
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