,i  #aag? ,,congress  #b;d ,session  ,h4
 ,r4 #icdg  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,novemb] #ag1         
#bjbb,ms4 ,velzquez 7= h]self & ,mr4    
,phillips7 introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ,small      
,bus9ess  ,a ,,bill  ,to am5d ! ,small  
,bus9ess ,act to modify requirem5ts     
relat+ to c]ta9 employee-own$ bus9esses1
 & = o!r purposes4  #a4 ,%ort title ,?is
 ,act may be cit$ z ! ,ma9 ,/reet       
,employee ,own]%ip #b4j ,act ( #bjbb4   
#b4 ,prohibition ( sell] gu>antees      
,section #g7;a77#ae77;,b77iv7 ( ! ,small
 ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf      
7a77#ae77;,b77iv77 is am5d$ to read z   
foll[s3  7iv7 ) respect to a loan made  
to a tru/ or to a coop]ative 9          
accordance ) p>agraph 7#ce71 a sell] ( !
 small bus9ess conc]n may rema9 involv$ 
z an (fic]1 director1 or key employee ( 
! small bus9ess conc]n aft] a qualifi$  
employee tru/ or coop]ative has acquir$ 
#ajj p]c5t ( own]%ip ( ! small bus9ess  
conc]n4  4  #c4 ,prohibition ( c]ta9    

requirem5ts relat+ to l5d+ to qualifi$  
employee tru/s & coop]atives ,section   
#g7;a77#ae77;,g7 ( ! ,small ,bus9ess    
,act 7#ae ,u4,s4,c4 #fcf 7a77#ae77;,g77 
is am5d$ to read z foll[s3  7,g7 ,)     
respect to a loan made to a qualifi$    
employee tru/ "u ?is p>agraph or to a   
coop]ative 9 accordance ) p>agraph      
7#ce71 ! ,adm9i/rator-- 7i7 may n       
require ! qualifi$ employee tru/ or     
coop]ative to provide any m&atory equity
 to make ! loan2  7ii7 may n require !  
qualifi$ employee tru/ or coop]ative to 
obta9 f ! ,secret>y ( ! ,treasury a     
det]m9ation lett] ) respect to its /atus
 z a qualifi$ employee tru/ or          
coop]ative 7z applicable72  7iii7 %all  
all[ ! qualifi$ employee tru/ or        
coop]ative to submit an op9ion lett] )  
respect to its /atus z a qualifi$       
employee tru/ or coop]ative 7z          
applicable72 &  7iv7 may n require !    
qualifi$ employee tru/ or coop]ative to 
obta9 or submit an additional valuation 
( ! qualifi$ employee tru/ or coop]ative

 7z applicable7 if ! qualifi$ employee  
tru/ or coop]ative has already obta9$ a 
valuation f a ?ird p>ty pursuant to any 
,f$]al law4  4  #d4 ,prohibition (      
p]sonal or entity gu>antee requirem5t   
,section #g7;a77#ce7 ( ! ,small ,bus9ess
 ,act 7#ae ,u4,s4,c4 #fcf7;a77#ce77 is  
am5d$ by /rik+ subp>agraph 7,b7 &       
replac+ x ) ! foll[+3  7,b7 ,au?ority   
7i7 ,9 g5]al ,! ,adm9i/rator %all       
gu>antee loans made to a coop]ative = ! 
purpose describ$ 9 p>agraph 7#ae74  7ii7
 ,prohibition on p]sonal or entity      
gu>antee ,! ,adm9i/rator %all n require 
a coop]ative to provide a p]sonal       
gu>antee or an entity gu>antee = a loan 
"u ?is subsection4  4  #e4 ,delegat$    
au?ority = #g7;a7 ,pref]r$ ,l5d]s       
,program loans to qualifi$ employee     
tru/s & coop]atives ,section #e7;b77#g7 
( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 
#fcd7;b77#g77 is am5d$ by /rik+ ! p]iod 
aft] liquidation & ins]t+ ! foll[+3 3   
,provid$ fur!r1 t ! ,adm9i/rator %all   
p]mit def]r$ p>ticipation loans 7includ+

 ^? made by l5d]s p>ticipat+ 9 ! program
 def9$ 9 section #g7;a77#c77;iii77      
gu>ante$ "u p>agraph 7#ae7 or 7#ce7 (   
section #g7;a7 to be process$ "u !      
l5d]'s delegat$ au?ority to make & close
 loans "u ?is subsection24  #f4         
,coop]ative eligibility = disa/]        
assi/ance program ,section #g7;b7 7#ae  
,u4,s4,c4 #fcf7;b77 is am5d$-- 7#a7 9   
p>agraph 7#a77;,a71 by ins]t+ 1 includ+ 
to coop]atives z def9$ 9 subsection     
7a77#ce77;,a71 aft] basis72  7#b7 9     
p>agraph 7#a77;,b71 by ins]t+ 7includ+ a
 coop]ative z def9$ 9 subsection        
7a77#ce77;,a77 aft] bus9ess conc]n2 &   
7#c7 9 p>agraph 7#b71 by ins]t+ aft]    
small bus9ess conc]n ! foll[+3 7includ+ 
a coop]ative z def9$ 9 subsection       
7a77#ce77;,a774