Next Generation Entrepreneurship Corps Act
- Last Action
- 2/23/2021
Actions
- 2021-02-23Read twice and referred to the Committee on Small Business and Entrepreneurship.
- 2021-02-23Introduced in Senate
CRS Summary
As of 2021-02-23 (00)
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.
Cosponsors (1)
- Tim Scott (R-SC)
Subjects
- Business education
- Business investment and capital
- Cardiovascular and respiratory health
- Congressional oversight
- Economic development
- Emergency medical services and trauma care
- Employee hiring
- Government lending and loan guarantees
- Health care costs and insurance
- Health care coverage and access
- Higher education
- Infectious and parasitic diseases
- Minority and disadvantaged businesses
- Minority employment
- Small Business Administration
- Small business
- Student aid and college costs
- Veterans' education, employment, rehabilitation
- Women in business
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.