Next Generation Entrepreneurship Corps Act

United States117th CongressS-389Senate
Latest legislative activity: Feb 23, 2021

Summary

Official Summary

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.

Bill texts

Available versions
Introduced (Senate)View official text

1 version available

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Timeline

Latest companion bill action

HR-1226: Next Generation Entrepreneurship Corps Act

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.

  1. Introduced in Senate

  2. Read twice and referred to the Committee on Small Business and Entrepreneurship.

    Senate

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