August 13th, 2018 – The Main Street Employee Ownership Act is passed into law with bipartisan support. U.S. Senator Kirsten Gillibrand Congresswoman Nydia Velázquez championed this bill, along with co-sponsors Senator James Risch (R-ID), Chair of the Committee on Small Business and Entrepreneurship, U.S. Senator Ben Cardin (D-MD), Ranking Member of the Committee on Small Business and Entrepreneurship, and U.S. Senators Todd Young (R-IN), Jeanne Shaheen (D-NH), Susan Collins (R-ME), and Cory Booker (D-NJ). This is the first time in over 20 years that legislation specifically supporting employee-owned business has passed. It makes worker-owned businesses eligible for 7a loans, directs the SBA to provide support for technical assistance, and requires reporting on SBA’s lending and outreach to these businesses.
June 14th, 2018 – The Main Street Employee Ownership act has officially been included in the National Defense Authorization Act, which means it will most likely be passed into law within the next week. Learn more about Senator Gillibrand’s efforts to support worker co-ops here.
On May 8th, 2018, the House passed H.R.5236, the Main Street Employee Ownership Act on ! Many thanks to Senator Gillibrand for her many months of work on this, to Justin Pelletier and Melissa Jung on the Small Business Committee for all of their work to get this done, and to Congresswoman for her leadership on this. Check back in soon for more updates on H.R.5236.