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Support for Employee-Owned Businesses: Easier Loans and Assistance

New rules make it easier for employees to take over the companies they work for by simplifying loan requirements. This means employees can more easily become owners of their workplaces, potentially leading to greater job stability and profit sharing. The act removes financial and administrative barriers that previously hindered such transactions.
Key points
Easier access to loans for employee-owned businesses, without mandatory equity requirements.
No need for additional, costly legal opinions or valuations for these transactions.
Employee-owned businesses can now qualify for disaster assistance programs.
Sellers can remain involved as officers or key employees after employee ownership is established.
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Additional Information
Print number: 117_HR_9347
Sponsor: Rep. Velazquez, Nydia M. [D-NY-7]
Process start date: 2022-11-17
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Main Street Employee Ownership 2.0 Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_9347.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-11-17.

What are the main provisions?

Key points include:

  • Easier access to loans for employee-owned businesses, without mandatory equity requirements.
  • No need for additional, costly legal opinions or valuations for these transactions.
  • Employee-owned businesses can now qualify for disaster assistance programs.
  • Sellers can remain involved as officers or key employees after employee ownership is established.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Velazquez, Nydia M. [D-NY-7].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Small Business.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy Labor