The proposed bill establishes the Office of Employee Ownership within the Pennsylvania Department of Community and Economic Development, aimed at promoting employee-owned enterprises through the Main Street Employee Ownership Grant Program. This office will advocate for employee ownership by providing technical and financial assistance to businesses transitioning to employee ownership models, developing a support network, educating stakeholders, and collecting data on existing employee-owned enterprises. The bill outlines the responsibilities of the office, including appointing an employee ownership advocate to ensure the office's objectives are met.

The bill also details the assistance programs available to employee-ownership groups, including eligibility criteria and types of support, such as grants and loans for businesses facing layoffs or closures. Specifically, the Main Street Employee Ownership Grant Program targets small retail establishments with fewer than 100 employees, offering grants up to $35,000 for acquisition or conversion to employee ownership. The employee ownership advocate will oversee the approval of applications, and the bill mandates annual reporting on the program's impact. Additionally, it includes a nondiscrimination clause for financial assistance recipients and allows the department to create temporary guidelines for a one-year period before formal regulations are established. The act is set to take effect 60 days after passage.