The House Passes a Bill Aimed at Helping Employees Buy Out Their Employers

The House Small Business Committee has passed the Main Street Employee Ownership Act of 2018, which would allocate $500 million in support for employee stock ownership plans as well as for updating the Small Business Administration's lending practices so the agency can better help employee groups buy out their companies, reports the Washington Post . Meanwhile, Sen. Kirsten Gillibrand (D-N.Y.) this week introduced a Senate version of the bill, according to the Adirondack Daily Enterprise . "Supporting employee-owned businesses constitutes a great jobs policy," said ESOP Association President J. Michael Keeling. "These companies are 7.3 times more likely to retain workers than conventionally-owned firms."