A bill to provide for a program of financial assistance by the Secretary of Labor to small business concerns for the establishment of new jobs to be filled by unemployed individuals.

Provides that the Secretary of Labor shall enter into arrangements with small business concerns located in areas of substantial unemployment to make financial assistance available to such concerns for the purpose of creating and continuing jobs which would not otherwise be offered.

States that the funds appropriated for this program shall be used for wages and employment benefits. Places the power to restrict the rendering of financial assistance with the Secretary of Labor. Prescribes the percentage of the total costs to the small business concerns for wages and benefits which shall be subsidized under this program in its first three years.