,,ii  #aafth ,,congress  #b;d ,session  
,s4 #dbcf  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,july #ba1     
#bjbj,mr4 ,johnson 7for himself and ,ms4
 ,baldwin7 introduced the following     
bill2 which was read twice and referred 
to the ,committee on ,finance  ,a ,,bill
  ,to establish a grant program to      
encourage the creation and expansion of 
employee stock ownership plans4  #a4    
,short title ,this ,act may be cited as 
the ,temporary ,federal ,,esop ,grant   
,program ,act of #bjbj4  #b4 ,grant     
program  7a7 ,establishment ,not later  
than #cj days after the date of the     
enactment of this ,act1 the ,secretary  
of the ,treasury shall establish the    
,temporary ,federal ,employee ,stock    
,ownership ,plan ,program1 or the       
,temporary ,federal ,,esop ,program1 to 
provide grants to eligible business     
concerns for purposes of-- 7#a7         
establishing2 or  7#b7 increasing the   
percentage of the eligible business     
concern owned by2  an employee stock    

ownership plan 7as defined in section   
#dige7;e77#g7 of the ,internal ,revenue 
,code of #aihf74  7b7 ,eligible business
 concern ,for purposes of this section1 
the term eligible business concern means
 a business concern that submits with   
the grant application-- 7#a7 a completed
 agreement signed by the business       
concern and an employee stock ownership 
trust-- 7,a7 establishing an employee   
stock ownership plan 7as defined in     
section #dige7;e77#g7 of the ,internal  
,revenue ,code of #aihf7 which is a tax 
credit employee stock ownership plan    
meeting the requirements of section #dji
 of the ,internal ,revenue ,code of     
#aihf2 or  7,b7 increasing the          
percentage of the business concern owned
 by such a plan1 if such plan is already
 in existence2  7#b7 supporting         
documentation for the valuation of the  
business concern as determined for      
purposes of such agreement by an        
independent valuation expert utilizing  
generally accepted valuation approaches 

7as determined by the ,secretary of the 
,treasury71 or by the trustee of the    
employee stock ownership trust if such  
valuation is certified by such an       
independent valuation expert1 including 
filings to the ,internal ,revenue       
,service or the ,securities and         
,exchange ,commission1 as applicable2   
and  7#c7 a certification that the grant
 funds will be used toward the purchase 
of employer securities1 and that the    
reduction in cost to the business       
concern attributable to the grant funds 
will be used for capital investment in  
or replacement and maintenance of fixed 
assets1 including manufacturing         
equipment and tools1 computers1 land1   
buildings1 facilities1 health and safety
 equipment1 and other similar           
investments4  7c7 ,grant awards ,based  
on a determination made within #ae      
business days from the date of          
submission of an application meeting the
 requirements of subsection 7b71 the    
,secretary of the ,treasury shall award 

a grant under the ,temporary ,federal   
,,esop ,program to a business concern in
 an amount not to exceed the sum of--   
7#a7 #bj1jjj per employee-- 7,a7 who is 
a participant in the employee stock     
ownership trust established by such     
business concern2 or  7,b7 whose        
ownership share in such business concern
 by reason of an existing employee stock
 ownership trust is increased2  7#b7    
#ej1jjj for any costs incurred by the   
business concern and employee stock     
ownership trust1 and documented in the  
grant application1 in developing the    
agreement required under subsection     
7b77#a74  7d7 ,termination ,no grant    
shall be awarded under the ,temporary   
,federal ,,esop ,program after          
,september #cj1 #bjbb4  7e7 ,authorized 
transfer of appropriations ,the         
,secretary of the ,treasury may transfer
 any unobligated amount of the          
appropriation under section #djbg of the
 ,coronavirus ,economic ,stabilization  
,act of #bjbj for the purposes of       

carrying out the ,temporary ,federal    
,,esop ,program4  7f7 ,secretary of the 
,treasury ,for purposes of this section1
 any reference to the ,secretary of the 
,treasury includes a reference to any   
delegate of such ,secretary4