The proposed bill establishes the Office of Employee Ownership within the Pennsylvania Department of Community and Economic Development, with the goal of 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. Key definitions, such as "employee-owned enterprise" and "employee-ownership group," are included, along with the office's responsibilities for outreach, education, and creating a support network for businesses. The bill also authorizes the allocation of funds for grants and loans to employee-ownership groups, particularly those at risk of layoffs or closures, with a focus on retail establishments with fewer than 100 employees.

Additionally, the bill mandates the submission of an annual report by the employee ownership advocate, detailing the impact of the programs, including the number of groups assisted and jobs created or retained. It requires financial assistance recipients to certify non-discrimination in employment practices. To facilitate implementation, the department can create temporary guidelines for one year without the usual review processes, which will later be replaced by formal regulations. The bill outlines the annual appropriation process, requiring the advocate to estimate expenditures and submit them to the Governor and General Assembly, and it is set to take effect 60 days after passage.