This bill makes changes to how states run self-employment assistance programs for people who are unemployed or underemployed and want to start their own businesses. Right now, these programs help people get training and support to become self-employed, and the federal government has specific rules about who qualifies.

The bill simplifies and expands these rules in a few key ways. First, it clarifies what kinds of activities count as legitimate self-employment assistance—things like entrepreneurial training, business counseling, and technical assistance. It also allows people to participate if they're following an approved business plan and market feasibility study that they've submitted themselves. Second, the bill requires participants to check in and report their activities to a state agency at least once a week, so there's better tracking of who's actually participating. Finally, it increases the time limit for how long someone can participate in these programs from 5 years to 10 years, giving people more time to get their businesses off the ground.

These changes won't take effect immediately—states will have 2 years after the bill becomes law to update their programs. However, states can start making changes right away if they want to. The Department of Labor will create detailed rules to explain how states should implement these new requirements.

New Opportunities for Business Ownership and Self-Sufficiency Act

Carey, Mike

New Opportunities for Business Ownership and Self-Sufficiency ActThis bill increases the percentage of individuals who may participate in a Self-Employment Assistance (SEA) program, generally expands eligibility for such programs, and modifies certain SEA program requirements.As background, an SEA program provides an individual with an SEA allowance, rather than regular unemployment compensation benefits, if such individual is (1) eligible for unemployment compensation benefits and identified as likely to exhaust such benefits, (2) participating in self-employment assistance activities which include entrepreneurial training, business counseling, and technical assistance and are approved by the state, and (3) working full-time on establishing a business and becoming self-employed. Under current law, the number of individuals participating in an SEA program may not exceed 5% of the individuals receiving regular unemployment compensation benefits in the state.The bill<ul><li>increases the percentage of individuals who may participate in a state SEA program to 10%,</li><li>eliminates the requirement that an individual be determined likely to exhaust unemployment compensation benefits (generally expanding individual eligibility for an SEA program), and</li><li>requires individuals to certify (at least weekly) that they are working full-time on establishing a business and becoming self-employed.</li></ul>Finally, the bill allows individuals to meet the requirement to participate in state-approved self-employment assistance activities if such activities either (1) include entrepreneurial training, business counseling, and technical assistance (permitted under current law); or (2) are performed pursuant to a state-approved business plan and market feasibility study.