To amend the Small Business Act to establish the Entrepreneurship Corps National Service Program, and for other purposes.
About This Bill
Committee
Latest Action · September 27, 2024
Referred to the Committee on Small Business, and in addition to the Committees on Education and the Workforce, and Ways and Means, 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.
The Entrepreneurship Corps for National Service Act would create a new federally-administered program within the Small Business Administration to place college-educated professionals (called "fellows") in small businesses located in economically distressed areas for two-year assignments. The program targets small businesses that are less than five years old, located in distressed communities, and have annual gross sales of at least $200,000, aiming to boost their growth and create jobs in struggling regions. Fellows would be compensated at competitive federal rates and receive education grants upon completing their service that can be used to pay back student loans or cover advanced degree expenses. The bill also provides tax benefits by allowing businesses to exclude the value of fellow labor from their gross income and enables fellows to receive federal student loan forgiveness credit for their service. The Small Business Administration must establish the program within 180 days of enactment and submit annual reports to Congress on the program's economic impact.
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