The Employee Ownership Assistance Program Act establishes the Office of Employee Ownership within Pennsylvania's Department of Community and Economic Development. This office is responsible for advocating for employee-owned enterprises, raising awareness of their benefits, and promoting legislative changes to support their growth. The act defines terms such as "employee-owned enterprise" and "employee-ownership group," and outlines the office's responsibilities, which include outreach, education, and technical assistance for businesses interested in transitioning to employee ownership. Additionally, the act creates a Main Street Employee Ownership Grant Program to provide financial assistance to small retail businesses with fewer than 100 employees seeking to become employee-owned, with grants available for business acquisition, conversion, and technical assistance.

The bill also establishes guidelines for the implementation and administration of the employee ownership program and the grant program, requiring the employee ownership advocate to submit an annual report on the programs' impacts, including the number of groups assisted and jobs created or retained. It includes a nondiscrimination clause to ensure that no financial assistance is provided to recipients who discriminate based on race, religion, color, national origin, sex, or age. Furthermore, the bill allows the department to create temporary guidelines for a one-year period without the usual review processes, which will later be replaced by formal regulations. The funding sources for the office include state appropriations, federal funds, interagency agreements, private contributions, and returns on dedicated funds, with the act set to take effect 60 days after passage.