Buried in the Defence appropriations bill . . .

Snow96 · 2018-08-27T01:12:12.797Z

The Don signed a $727 defense authorization bill (I’m guessing that will be for all of fiscal year 2019 that starts October 1). Inside it is a little gem I’m sure most libs will love (and the don signed it).

It’s basically called the [Main Street Employee Ownership Act]
(https://www.congress.gov/bill/115th-congress/house-bill/5236) for the language. I’ve read the act, and I’ve searched and read up on ESOP’s. Not a bad deal from businesses and workers. Small business admin will guarantee the loans for the businesses to purchase stock, put in the ESOP. Employee’s then get a part of the ESOP — essentially ownership in the company without them putting up any money (like a normal investor).

When an employee leaves or retires (way I read it), the employee cashes in their portion of shares and gets the money.

https://www.ksl.com/article/46381419/the-government-just-made-it-easier-for-workers-to-own-a-piece-of-their-employer

https://www.congress.gov/bill/115th-congress/house-bill/5236

gillibrand.senate.gov

After Meeting With Businesses Throughout New York That Support Workers...

The official website of U.S. Senator Kirsten Gillibrand. Proud to serve New York in the United States Senate.

Konssurvative1 · 2018-08-27T01:19:40.485Z

Interesting…kinda a cool process if they pass it. One of the first things I like that he has introduced. Basically, the small business admin…gives you a small business loan so you can own a piece of the company you work for. Interesting to say the least.

Tilly_jow · 2018-08-27T01:39:09.165Z

The owner put a bunch of relatives on the payroll in no-show jobs ‘‘sells’’ them a bunch of stock and gets a free loan.

Trumps cool.

TheRedComet · 2018-08-27T01:57:01.886Z

I like it but why the hell is in a defense appropriation bill?

Snow96 · 2018-08-27T02:02:26.242Z

Passed and signed by Trump

Snow96 · 2018-08-27T02:05:57.078Z

Not sure how that would work. I think the business has to fail in some way for small biz admin to cover the loan. Stock would be worthless by then.