The report on the March 23rd Omnibus Appropriations Act includes language on worker ownership.
Last Friday, President Trump signed into law the “Consolidated Appropriations Act, 2018“. Why is this special for worker co-ops? Because, thanks to efforts from Senator Kirsten Gillibrand and others, a report on this bill includes language specifically on worker owned businesses.
The omnibus appropriations bill, called the Consolidated Appropriations Act, 2018, was signed into law on March 23rd. includes language in the explanatory statement on Division E, Financial Services and General Government (see page 88) directing the Small Business Administration to increase its efforts to encourage employee ownership:
Employee-Ownership.-It is noted that worker owned businesses are uniquely structured to
provide wide-ranging economic benefits. In order to encourage new and assist existing employee
owned businesses, SBA is directed to provide education and outreach to businesses, employees,
and financial institutions about employee-ownership. This effort should include information
about the different business structures available, such as cooperatives, Employee Stock
Ownership Plans, and technical assistance to assist employee efforts to become businesses.
Further, SBA is directed to develop guidance on employee-ownership to approved lenders and
assist in accessing financing through the 7(a)(15) loan guarantee program.
Many thanks to Senator Gillibrand and her office for working to ensure continued recognition of the benefits of worker-owned businesses.
