S. 5010: New Opportunities for Business Ownership and Self-Sufficiency Act

This bill would change how states can run self-employment assistance programs, which are programs that help some unemployed people start their own business while still receiving unemployment benefits.

What changes

• It would remove one existing requirement that participants must be likely to exhaust their regular unemployment compensation before joining the program.
• It would revise the participation rules so that eligible people must be taking part in state-approved self-employment assistance activities that either:
  • include entrepreneurial training, business counseling, and technical assistance; or
  • are done under a business plan and market feasibility study submitted by the individual and approved by the state or a state-designated agency.

How it would work

• The bill directs the Secretary of Labor to write regulations to carry out these changes after public notice and comment.
• It also directs the Secretary of Labor to provide guidance to state workforce agencies, including:
  • a model list of activities that count for the program; and
  • best practices for checking whether participants have completed those activities.

When it would take effect

The changes would generally apply two years after enactment. States would still be allowed to change their own laws sooner if they want to.

Relevant Companies

None found