Main Street Employee Ownership 2.0 Act of 2024

[AI summary unavailable — showing source text] [Congressional Bills 118th Congress] [From the U.S. Government Publishing Office] [H.R. 10242 Introduced in House (IH)] <DOC> 118th CONGRESS 2d Session H. R. 10242 To amend the Small Business Act to modify requirements relating to certain employee-owned businesses, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES November 21, 2024 Ms. Velazquez introduced the following bill; which was referred to the Committee on Small Business _______________________________________________________________________ A BILL To amend the Small Business Act to modify requirements relating to certain employee-owned businesses, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Main Street Employee Ownership 2.0 Act of 2024''. SEC. 2. PROHIBITION OF SELLER GUARANTEES. Section 7(a)(15)(B)(iv) of the Small Business Act (15 U.S.C. 636(a)(15)(B)(iv)) is amended to read as follows: ``(iv) with respect to a loan made to a trust or to a cooperative in accordance with paragraph (35), a selle…