Amends the Small Business Act to establish the Entrepreneurship Corps National Service Program.
Aims to support economic activity and job creation in distressed areas of the U.S. by providing skilled individuals to small businesses.
Defines key terms such as “fellow,” “distressed area,” and “participating business.”
Requires the establishment of the program within 180 days of enactment, administered by the Associate Administrator of the Office of Investment and Innovation.
Sets eligibility criteria for fellows, including age, educational qualifications, and a two-year service obligation.
Outlines the application and selection process for fellows, considering academic and professional backgrounds.
Establishes criteria for small businesses to participate, including location, age, and financial performance.
Details the assignment process for fellows, including considerations for matching fellows with businesses based on needs and expertise.
Provides for compensation and education grants for fellows upon completion of service, with specific eligibility and application requirements.
Allows for noncompetitive appointment eligibility in federal agencies for fellows after service.
Clarifies the employment status of fellows, distinguishing them from employees of participating businesses and the federal government, with certain exceptions for benefits and tax treatment.
Mandates annual reporting to Congress on the program’s effects and performance metrics.
Includes provisions for student loan forgiveness for fellows and tax exclusions for small businesses employing fellows.