Self-Employment Opportunity Act

Self-Employment Opportunity Act - Allows the Secretary of Labor to authorize a State self-employment program upon the State's application to participate and the Secretary's determination that the State program: (1) does not cost the Unemployment Trust Fund more than otherwise; (2) provides unemployment benefits only to those who would otherwise be entitled under State law; (3) targets those who have been permanently separated from or do not expect to be recalled to their jobs; (4) makes benefits available only to those likely to receive unemployment compensation for the maximum number of weeks under State law; (5) has an aggregate number of individuals receiving benefits which at no time exceeds five percent of the number receiving compensation under State law.

Allows a State, if the Secretary authorizes its self-employment program, to use the State unemployment fund to provide cash unemployment benefits, exclusive of administrative expenses, to participants to help them become self-employed.