Senate Bill 389
117th Congress(2021-2022)
Next Generation Entrepreneurship Corps Act
Introduced
Introduced
Introduced in Senate on Feb 23, 2021
Overview
Text
Introduced
Feb 23, 2021
Latest Action
Feb 23, 2021
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
389
Congress
117
Policy Area
Commerce
Commerce
Primary focus of measure is business investment, development, regulation; small business; consumer affairs; competition and restrictive trade practices; manufacturing, distribution, retail; marketing; intellectual property. Measures concerning international competitiveness and restrictions on imports and exports may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Delaware
South Carolina
No Senate votes have been held for this bill.
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.

Text (1)
February 23, 2021
Actions (2)
02/23/2021
Read twice and referred to the Committee on Small Business and Entrepreneurship.
02/23/2021
Introduced in Senate
Public Record
Created
Feb 24, 2021 5:57:12 AM
Updated
Apr 9, 2021 5:56:11 PM