A bill to establish a Next Generation Entrepreneurship Corps program within the Small Business Administration, and for other purposes.
Next Generation Entrepreneurship Corps Act
This bill establishes the Next Generation Entrepreneurship Corps Program to promote entrepreneurship in the most distressed regions of the United States, including those regions affected by COVID-19 (i.e., coronavirus disease 2019), by awarding participating fellows a two-year stipend to start and grow a new small business.
Fellows will receive (1) a $120,000, two-year stipend for living and basic startup expenses; (2) health care; and (3) interest-free federal student loan deferral for two years. Further, fellows shall receive mentorship from the Service Corps of Retired Executives and be matched with a full range of lenders, investors, and insurers.
The bill also establishes a fund in the Department of the Treasury from which the SBA may provide loans for qualified investors to support a small business owned and operated under the program by a fellow.
Referred to the Committee on Small Business, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in Senate
Read twice and referred to the Committee on Small Business and Entrepreneurship.
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