The proposed bill establishes the Office of Employee Ownership within the Department of Community and Economic Development, along with the Employee Ownership Advisory Board and the Main Street Employee Ownership Grant Program. The Office will advocate for employee ownership, raise awareness of its benefits, and provide technical and financial assistance to employee-owned enterprises. Key terms such as "employee-owned enterprise" and "employee-ownership group" are defined, and the Office's responsibilities include outreach, education, and collecting statistics on employee-owned businesses. The bill also creates a framework for grants and loans to support the development of employee-owned enterprises, particularly those at risk of layoffs or closures, with a focus on businesses with fewer than 200 employees.

Additionally, the bill mandates the employee ownership advocate to submit an annual report detailing the impact of the programs, including assistance provided and jobs created or retained. It includes a nondiscrimination clause to ensure that financial assistance is not granted to recipients who discriminate based on race, religion, color, national origin, sex, or age. The bill allows for the creation of temporary guidelines for a one-year period without the usual review processes, which will later be replaced by formal regulations. Funding sources for the Office will 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.