Historic Federal Law Gives Employee-Owned Businesses Access to SBA Loans
Article of Non Profit Quarterly, august 14 2018
A new employee ownership bill is the law of the land.
The bill, called the Main Street Employee Ownership Act of 2018 (S 2786 and HR 5236), has been passing in committee last March. It was tucked inside the $717-billion, Fiscal Year 2019 John McCain National Defense Authorization Act, which was signed into law yesterday. Nestled in that law is Section 866, which makes employee-owned businesses eligible for Small Business Administration (SBA) section 7(a) loans for the first time.