Lupinacci Welcomes Gillibrand to Announce Bi-Partisan Main Street Employee Ownership Act
Business & Finance, Local News, Politics
By Long Island News & PR
Published: June 26 2018
The Main Street Employee Ownership Act allows the Small Business Administration to offer assistance to businesses wishing to convert to employee ownership.
Supervisor Chad A. Lupinacci (speaking) at LIA headquarters with Senator Kirsten Gillibrand.
Photo by: Town of Huntington
Melville, NY - June 26, 2018 - Supervisor Chad A. Lupinacci welcomed Senator Kirsten Gillibrand at the Melville stop on her tour to promote the bi-partisan legislation, the “Main Street Employee Ownership Act,” at LIA headquarters on the morning of Monday May 14.
“One of the issues Huntington faces, in addition to maintaining and improving the health of our local economy and the creation and retention of jobs, is the preservation of our history and the unique character of our Town,” said Supervisor Lupinacci “Initiatives supporting employee ownership can help our local villages and hamlets around the Town of Huntington retain their historic character by allowing businesses that have served the community remain after the original owner has chosen to retire.”
The Main Street Employee Ownership Act allows the Small Business Administration to offer assistance to businesses wishing to convert to employee ownership. Companies that transition to employee ownership see an increase in productivity by 4 to 5 percent the year the business becomes employee-owned. Employee ownership also rewards workers, paying 5 to 12 percent more, with 2.2 times more in retirement savings and greater job stability. The bi-partisan Main Street Employee Ownership Act will help companies reward employees work without sacrificing profit.