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Boosting Employee Ownership: New Support and Information for Businesses.

This act aims to increase awareness and support for businesses where employees have an ownership stake. This means more small businesses might consider models where employees own part of the company, potentially impacting job stability and profit sharing. The Small Business Administration (SBA) will actively participate in meetings and working groups to promote this business model.
Key points
Increased involvement of the Small Business Administration (SBA) in promoting employee-owned businesses.
SBA will attend meetings and working groups on cooperatives and employee ownership to better inform about available opportunities.
Within 180 days of the act's enactment, the SBA will launch a program to provide outreach and assistance for employee-owned businesses.
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Expired
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Additional Information
Print number: 118_HR_10244
Sponsor: Rep. Velázquez, Nydia M. [D-NY-7]
Process start date: 2024-11-21
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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

Improving SBA Engagement on Employee Ownership Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_10244.

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 2024-11-21.

What are the main provisions?

Key points include:

  • Increased involvement of the Small Business Administration (SBA) in promoting employee-owned businesses.
  • SBA will attend meetings and working groups on cooperatives and employee ownership to better inform about available opportunities.
  • Within 180 days of the act's enactment, the SBA will launch a program to provide outreach and assistance for employee-owned businesses.
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. Velázquez, 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 2025-12-24.

CATEGORIES

Economy Labor