The bill would create a position in the Small Business Administration to help small businesses establish employee stock ownership plans (ESOPs). The position would provide guidance on taxes, rules, stock valuation, and funding; coordinate with public and private organizations and the Department of Labor; and seek federal guidance on ESOP rules. The Administrator would report to Congress each year on assistance provided and recommendations for improving the process.
Small businesses seeking to establish an ESOP could receive guidance and resources from the new position. The bill does not describe direct changes for employees or require businesses to establish an ESOP.
The bill authorizes $500,000 for the fiscal year in which it is enacted and authorizes additional sums as necessary to carry it out. It does not specify a total amount for later years.
No publicly available information.
No publicly available information.